The Complete Guide to Health Savings Accounts (HSA)

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The Complete Guide to Health Savings Accounts (HSA)

Рет қаралды 18,166

Күн бұрын

Health Savings Accounts (HSA) are one of the absolute best planning tools for retirement even though many people don't use them.
What is a health savings account? How does it work? Who is eligible for a health savings account? How can you implement a health savings account in your retirement plan strategy? If tax benefits and saving money for retirement are priorities for you, make sure to watch this video until the end.
Learn the tips & strategies to get the most life out of your money.
⏰ TIMESTAMPS
00:00 - Introduction to Health Savings Accounts
1:30 - Health Savings Account Explained
5:12 - Eligibility for a Health Savings Account
5:55 - Tax Benefits
8:47 - Health Savings Account Example
12:07 - Cash Flow for Health Savings Accounts
14:04 - Health Savings Account Rules
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Пікірлер: 68

@Andrea-v5b Ай бұрын

This was very digestible, I’ve watched multiple videos and this explained it the best. Subscribed

@mikeatiger Жыл бұрын

James, you mentioned the extra $1,000 catchup to someone 55 and over. However, you didn't mention the way for the second spouse to contribute an additional catchup contribution of $1,000. The second spouse over 55, just has to open a seperate HSA in their name to deposit the $1,000. The total with this strategy, would be $9,300. The $8,300 for the family contribution and one 55 and over $1,000 catchup contribution in one spouses name, and 55 and over $1,000 catchup in the second spouses name HSA. Thanks for the very informative videos you provide!!!

@annap8328 Жыл бұрын

The most thorough explanation of HSA. Just great! Thank you.

@davidfolts5893 Жыл бұрын

Thanks for the great content, James. Triple tax savings are not to be ignored!

@earlyretirementari Жыл бұрын

Tough to beat it!

@DuhIdiot1 Ай бұрын

13:48 Doing further reading, it appears that a non-spouse beneficiary can use the HSA funds tax-free to pay for medical bills the HSA holder racked up before he died. Someone correct me if I'm wrong. Mr. Conole, with your competence, clarity, efficiency, looks, and nice set of guns, you are the Chris Evans Captain America of finance and retirement KZfaq 🤣. Outstanding content!

@seanwilliams2733 Жыл бұрын

Great content! Thank you!

@sarahsunsetpark 15 күн бұрын

Hi James, just a correction on your video. HSA from what I’ve read they do not allow you to use it to reimburse you on ACA premiums unless you are collecting unemployment and even then I think if you’re not yet 65 you may have a 20% penalty. so if anyone’s thinking of using their HSA to reimburse themselves for ACA premiums double check with the IRS. It seems you can reimburse yourself for cobra premiums, and Medicare premiums, but not ACA unless you are collecting unemployment

@stewdogg42 2 ай бұрын

Thank you!

@roderick.t Жыл бұрын

Good info there James! Many thanks. We currently have one and realized its tax advantages for retirement. 🙌

@johngill2853 Жыл бұрын

Great information, I learned something today

@70qq Жыл бұрын

@outofstep6026 Жыл бұрын

Fantastic video. Very clear explanation of the mechanics of an HSA. Thank you!

@RootFP Жыл бұрын

Thank you!

@joeyparra3937 Жыл бұрын

Thank you james very helpful!

@RootFP Жыл бұрын

Thanks for watching!

@kellymoore5498 Жыл бұрын

The CDHP and HSA have always seemed like a no-brainer to me, but I keep learning about more amazing benefits and ways to leverage this choice!

@RootFP Жыл бұрын

Glad it was helpful!

@drakeav Жыл бұрын

Great Video! Thank you!!!

@RootFP Жыл бұрын

You’re welcome!

@NataliaLomnicky Жыл бұрын

Finally, a clear explanation!! Thank you!!!!! #visuallearner 😅😊😍

@JJ-xv3gs Жыл бұрын

Great video, not a lot of videos out there on this kinda deep details. So much learned, thank you! Can you also do a video using Whole Life High Cash for infinite banking? And if you think this is a good strategy?

@justinkimble4118 Жыл бұрын

Wise information 💯 great video 😎

@RootFP Жыл бұрын

Glad it was helpful!

@stephenschulte3996 2 ай бұрын

Very fine and informative video on HSA’s!! HOWEVER I think 20 years with an annual 8% growth is VERY OPTIMISTIC! Could actually wind-up losing money! There are other places to do Las Vegas - not really in an HSA in my opinion. Steve on 7 May 2024

@ericgold3840 22 күн бұрын

I'm under the impression that only *some* HD health insurance plans are HSA eligible. Tread lightly. I took the cautious approach and sought out plans that said 'HSA eligible' in the plan name description.

@garybroughman1230 Жыл бұрын

Great Video! I just pulled $8750 from an IRA to fund out HSA. I assumed it would be a wash since I thought the HSA contribution was a top line deduction, Was I wrong? My concern is because of the once in a lifetime transfer you discussed.

@OHDANB Жыл бұрын

Thanks for the new video, James. I retired at 53 years old and took COBRA for the full 18-months after retirement and then enrolled in an HSA-eligible ACA plan. I was not ultimately happy with the ACA plan I selected, so I have been enrolled in a non-HSA eligible ACA plan since then. I am not able to use the funds in that HSA account to cover my monthly ACA premiums. I don't think that is an option for any HSA plan. I could use the funds to get reimbursed for eligible medical expenses. I was thinking about using the investment option and letting those invested dollars (hopefully) grow until I'm 65. The bank that manages the HSA charges a maintenance fee for the investment option, so I have not done anything with the funds as of yet as I'm not a fan of paying fees. Need to figure out something, though. Having $4,500 sitting in limbo is not making me happy.

@bridgetlove1884 Жыл бұрын

Look into rolling it over to Fedility.

@jomuellermo Жыл бұрын

Your list of qualified medical expenses doesn't list premiums. Are you sure that's can be reimbursed with this HSA?

@chiragpatel5016 Жыл бұрын

great video and information. please comment if paying expense with cash flow is deductible for taxes (as if you didn't have an hsa at all) instead of dipping into the hsa fund. thank you.

@RootFP Жыл бұрын

Glad it was helpful!

@jpsmusicandmore5457 Жыл бұрын

Can you use the HSA to pay your premiums?

@inderdhami2001 10 күн бұрын

Thanks for the video! Question - I have an HSA account. I don’t have an FSA. I am buying glasses which are marked “FSA Eligible”. Can I still use my HSA account to pay for those?

@danlopez.3592 3 ай бұрын

It seems like it’s more than likely that we are going to be on a nationalized health plan anyway. What will all the HSA expenses be able to be used for in this situation?

@tinalewis6782 Жыл бұрын

Unlike a traditional IRA, there are no required minimum distributions with an HSA. Yep! No required minimum distributions!

@RootFP Жыл бұрын

Yes!

@yeupham12 Жыл бұрын

Hi, my job has FSA., Can I not contribute in FSA next year, and open a new HSA in fidelity next year? TY

@jallred350 Жыл бұрын

Thanks James. Really enjoy your content. Quick question. Correct me if I'm wrong, but this plan is even better than a 401(k) in the worst case scenario that you don't need all the funds for medical. If you are contributing directly from payroll, then the contributions aren't subject to FICA taxes, unlike a Pre-tax IRA (401(k)). Correct?

@RootFP Жыл бұрын

Glad it's been helpful! Correct!

@swadfihri8278 Жыл бұрын

Thanks for the information. Very helpful. So my in network deductibles is zero but my out of network is $8150. M’I eligible to open HSA?

@swadfihri8278 Жыл бұрын

Is that a YES?

@natalyasemenenko994 Жыл бұрын

I got HSA money after my late husband and I requested and sent me check, because told me I can keep money on my checking account and use they as HSA money and I don't have to pay tax for 2023. Are they right?

@ljrockstar69 Жыл бұрын

Oh well, once you mentioned you need a high deductible plan, then I'm not qualified. Is there anyway to get around this? or somehow outsmart the IRS?

@RootFP Жыл бұрын

No.

@MidCenturyMikey Жыл бұрын

I am in CA, is it worth getting of it's taxed?

@RootFP Жыл бұрын

It can be helpful!

@bigkencia1 9 ай бұрын

Can you keep both cash and invest in an HSA? For example: if I contribute the max for a single person, invest 50% and leave 50% for medical use?

@heidikamrath1951 4 ай бұрын

Yep

@jroschella 4 ай бұрын

Yes you can hold stocks, index funds, and bonds in your HSA. I hold some cash to cover medical expenses, if I need I can sell my investments to fund any extraordinary expenses…

@send2dwight Жыл бұрын

12:17 still requires a qualifying high deductible plan though, correct?

@RootFP Жыл бұрын

Yes

@user-gp3yj4dj6j 5 ай бұрын

How do you know it’s high deductible?

@heidikamrath1951 4 ай бұрын

My Blue Shield card said “HDHP” in the lower left corner. But really, the best thing to do is ask your insurance company if your plan is “HSA- eligible.” Don’t ask them if it is “high- deductible.” You’ll get a quicker answer by asking if it is “HSA-eligible.” It will be in the plan definition.

@ljrockstar69 Жыл бұрын

Hi, does HSA account cover for cosmetic surgery, if so I'm interested in saving for one.

@RootFP Жыл бұрын

Most cosmetic surgery is not covered

@ljrockstar69 Жыл бұрын

@@RootFP so many restrictions, how can this be an alternative if most of us are not qualified.

@faralyn11 9 ай бұрын

You can't use HSA for much of anything. Your money but you can't use it. And what HSA gains 8%?? What planet is this on?

@BryanSSilva 11 ай бұрын

CDHP or HDHP?

@SoundCastle00 Жыл бұрын

If you are 55 or older can you transfer 8,300 dollars one time from a 401k to a hsa?

@RootFP Жыл бұрын

I hope this is helpful: dpath.com/funding-your-hsa/#:~:text=You%20cannot%20transfer%20money%20from,the%20IRA%20to%20your%20HSA.

@SoundCastle00 Жыл бұрын

What if you need the 75 dollars a week to live?

@RootFP Жыл бұрын

It's always customized.

@Xanderlorian Жыл бұрын

Um thought the max was like 3600

@faralyn11 9 ай бұрын

My HSA charges 3 dollars a month for account maintenance and earns .07 cents a month. My HSA takes from me and it tells us what we can' t use our money in it. Lets not even mention the high deductibles that we are unfortunate to have in the first place. This is the absolute worst stream for retirement!!!! 😅😅😅

@jroschella 4 ай бұрын

Are you holding all your assets in your HSA as cash? I’m holding some as cash but most as stock and index funds. My projected dividends this year is 8%…best vehicle ever invented!!