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HSA - The Ultimate Investment Account | Never Pay Taxes!
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- Опубликовано: 17 авг 2024
- The Health Savings Account is the ultimate investment account. The IRS has been very generous with HSA holders, and it's time for you to take advantage of these benefits! In this video I'll discuss why an HSA can be a great tool for your retirement.
Timecodes
0:00 - Intro
0:42 - What Is A HSA?
2:06 - Caveat - HSA is Not FSA
3:21 - This Is Where It Gets Awesome
3:46 - Isn’t HSA For Medical Expenses?
5:00 - So, What Should You Do To Maximize HSA?
6:04 - Bottom Line
Healthcare.gov & HSA (www.healthcare...)
Mad Fientist & HSA (www.madfientis...)
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
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I honestly have been trying to understand this for years. The fact that you said to save your medical recipients and so you can with draw money later, made everything click!
Another thing to keep in mind is that an HSA can also be used for assisted living, nursing homes, etc. This can end up being one of the largest expenses in retirement so it even has a one up on the trad IRA after 65
Great point and I didn't realize this. Thank you for sharing this platinum!
I LOVE my HSA! I began participating 6 or 7 years ago when my employer first offered it. Didn’t fully understand it but over time, I researched it and discovered its amazing power. Been maxing it for about 4 years now and investing it also. I am the only employee at my company who invests it. Everyone else spends theirs. I have tried to enlighten some of my coworkers but they seem disinterested. Their loss. Meanwhile, mine just keeps growing and growing. Saving my receipts too! 😊
At what point do you save your receipts till? When do you finally reimburse yourself?
What investments are in yours?
How do you invest it? Call the Savings Account provider? Then what? lol thank you!
I max my shit out. Less owed in taxes. Such a smart thing to do
I’ve had an HSA for a few years now and have been using it incorrectly. This video is changing that. Thank you. Liked and subscribed. -Jerald
I love my HSA, just started it in Feb 2022 once I figured out how awesome it was after being in my company after 5 yrs, still have some time to make an impact in my retirement. Thanks for the content.
I think it's great also. How old are you? I started at 42, and I'm maxing mine out.
What investments are in yours
Mid 30s but I am not quite maxing out my HSA, hopefully in the future.@@gabrielvalentin4509
We had many to choose from but I picked a global index fund from vanguard.@@terrelmoss1444
From the bottom of my heart (and wallet), thank you for sharing these knowledge! Keep them coming TK!
I love how you explain concepts so simply and succintly. I consider myself a prudent investor but as you rightly pointed out, I haven’t taken advantage of HSA benefits. Never too late to start, I am 37
Great video! I have been using the HSA accounts for a few years now! But I just learned something new with your video! To save my medical bills that I had paid for out of pocket then I can use the HSA money to reimburse myself down the line!!
that's awesome I didn't know you can save your receipts and pull from your HSA anytime in the future. I'm so doing that from now on.
Started my HSA in 2021 been maxing it all 3 yrs. Have 5 more yrs and 2 months ill be maxing out. Putting all monies into low cost S & P 500 index fund. Its mad money for me. And leaving it alone for once i cant contribute due to age. Just gonna watch it grow and grow. Also once on Medicare you can reimburse yourself for part B and D monthly premiums.
Been investing in an HSA for 5+ years now. Been maxing it out for the past 3. Already seeing some great returns!
what platform for the hsa do you use? and what investments?
What benefits are we seeing?
What investments are u using
Dam!!! Another amazing video im going 2 check if fidelity offers and HSA because its to late to sign up thru my work place
I had no idea you could reimburse yourselves with purchases in the past. Wowwwww…..
Yes sir! Pretty nifty tool!
Can I reimburse myself with receipts that I paid out of pocket prior to opening the HSA account? I think the answer is no but wanted your take.
@@trevorward9680no
Why shouldn’t you pay for your medical bills from your HSA? For example, I want to get LASIK, why should I pay out of pocket instead of with pretax dollars? Because of the compound interest over time?
If you have enough out of pocket money, that is the preferred option. If you do that, KEEP THE RECEIPT! You can always reimburse yourself years later - tax free.
If you are like me (on a budget), you can use some HSA to pay for todays medical bills. And invest the rest for the future use.
I am starting my HSA in 2022
Thanks for the great advice! I use mine just like this, great tool!
Great to hear!
Thanks as always Tae, learned something new again about a category I was decently versed in.
Great video but I would like one to see how to set one up
If you use it for something other than qualified medical expenses after age 65, your withdrawal will be subject to taxes but not penalized. From your info it sounded that you wont get taxed after 65 for non medical.
As always, awesome content!
If spouse has own employee plan non high deductible, but I have HSA HDHP...could I use my funds to pay for her medical expenses and make my HSA into a family limit?
I'm thinking about switching my NDHP to HDHP, which I will then be starting an HSA. Your suggestions sound great and all, but I think I may want to use my contributions for actual medical expenses for the next few years because we are about to have a second baby and will have 2 kids in daycare for the next 4 years. Very expensive 😬 Husband and I are still going to do 15% 401k (including company match), keep building emergency fund, going to start maxing out roth IRA this year, and avoid buying a new car for as long as possible. And a little bit into 529 when we can. Sadly we are still renting with the crazy housing market situation at the moment. Hopefully we'll be more financially stable in the future to take advantage of the hsa investment.
great video, thanks!
That's good, but HSA is not an option for me because my employer doesn't offer it. There's too much restrictions! I'm trying to save money on future health cost, but there are always this road blocks.
Thank you for this valuable info . 👏👏
Glad it was helpful! Thank you!
I didn’t understand what generation did you say?
Hi! I meant Sandwich Generation.
I am moving away from the high-deductible plan but have a balance in my HSA. I'll be investing that but I simply can't afford the high copays with my current medical conditions (I am single as well). Still, with only a year of max contributions, I should still be able to start investing it right?
This is awesome
Great video. Do you have any recommendations on what to invest in your HSA account?
I have been learning a lot from your videos, thank you for sharing. I have an HSA and i'm in my early 30's' how would you advise I interest my HSA?
I presume you meant invest? I invest mine in 2 funds primarily. One is a fund that tracks the S&P500 and the other is a Vanguard growth fund. Keep it simple and pick one to three funds.
I kept replaying what I’ve heard from you that HSA can be used for non-health expenses after turning 65. Can you confirm that’s true?
It is true. You would pay ordinary income tax on non-medical expenses though, just like a traditional IRA.
Good video but Not never pay taxes. If you don’t use it up it becomes fully taxable to your heirs when you die.
rate this video a 10
Thank you!😎
Your welcome!
can you talk about a 403B....i just got job with non-profit..and i did max out my HSA contribution..thxs so much love your videos..
Hi! Thanks for such an informative video. One quick question: I would only have access to my HSA money to be used for non-medical expenses only after 65, correct? If I have other needs (like buying a house etc) would I need to decrease the amount that goes into the Hsa?
If you withdraw before 65 for non-medical expenses there is a hefty penalty of 20% plus your withdrawal will be subjected to income tax
1. I need this HSA $ now that I saved when I hav medical expenses. 2. What if I have low med expenses over my retirement and don't use it all up, then I am forced to use it for non medical expenses and pay taxes on it, correct?
OMG this is crazy! I had no idea that an HSA account can be used that way! So basically if I have a high deductible plan I should maximize my HSA before I even maximize the 401(k) ?
And another question - what happens if I switch to a low deductible plan? Do I keep the HSA account and just can't contribute to it anymore?
Yes to both
Get rid of annoying beeps.
So instead of using tax free money to pay for medical expenses, you use money you already paid tax on in order to let the tax free money grow but, your still getting taxed on the way out anyway after your 65?
My employer only offers the FSA. If I want an HSA, I will have to get my own alternative insurance plan and pay the premiums. Is it still worth it even with having to pay the additional premium? I get health insurance through my employer. Also, does the HSA benefit from capital gains tax benefits for non-medical withdrawals?
Thanks for the video, but those sounds effects are driving me nuts!
For clarification, if I'm over 65 and want to make withdrawals for non medical reasons, then I will have to pay tax on the withdrawals?
Hi! That is correct. It's treated like a traditional IRA is you don't have medical expenses.
Im thinking of getting HSA but my wife had a very good value plan in the hospital she works. So im not sure how to weigh things out. 😅
Thank you
Is there no statue of limitations on holding onto medical receipts? Can I use my kids dental cleaning bill from 20 years ago when I am 65 tax free still?
No statue of limitations on medical receipts and yes you can use 20 year old paid out of pocket receipts after 65 to pull money out tax free. My personal receipts envelope is bursting at the seams as the last time I tallied those quite awhile ago was at over $2,000 as I don't want to attempt that now if I don't have to.
3:55 How do we invest our HSA fund in an investment? I thought the money could only be used for medical expenses?
It gets invested like a 401k does. The difference is you’re allowed to use it now!
What are some downsides of having a HSA? What if you need to visit the doctors often?
If you need to visit the doctors often, I’d recommend against an HSA because in order to qualify for HSA, you need a high deductible health plan. High deductible health plan only makes sense for people who are healthy and do not visit doctors often. Typically HDHP’s deductible is more than double your typical health insurance.
@@KyleHongyea this. I have to visit my doctor every month and my medication costs over $100 per refill so it makes zero sense to get this. These plans are for those lucky enough to not need healthcare...
@@KyleHong But also depends on the premium savings u get from HSA and on employer match as well. Have to do cost scenarios. And then also look at out of pocket max considerations. PITA but necessary to examine.
I wonder if this works with medical expenses outside the US (as an expat)
So you're telling me this is Roth IRA 2 electric boogaloo?
Where do you save your reciepts?
Just opened an HSA and this is insanely helpful, thanks!
Great to hear! Thank you for the kind words!
@@TaeKimFinancialTortoise How do you go about investing the funds from your HSA?
Your video is very helpful. One quick question like if I open a HSA and not putting money initially and after that can I start when ever I need them? Or for example I contribute 50$ per my month so like $600 yearly! Does it make sense?
Fidelity HSA 💪
Lively 💪🏾
My company has an HSA option but the monthly premium is 100$ for the insurance plan it is attached to. My company will however contribute up to $500 into the HSA account. I have to pencil out if this is worth it considering the premium. Thoughts?
How do you take the deduction from your paycheck into your HSA savings account and put it into an investment account?
Your company uses something like fidelity or vanguard for retirement access. So which ever one that they use you already have the account you would just need to set up to login. Mine is thru fidelity at my employer. And are minimum to choose where our investment goes in is $1000. Hope 😊that helps
So HSA is tax free after you are 65 like roth ira that is 59and hafl?
So if I paid for a dental work over seas in cash . Can I withdraw that cash from my HSA tax free?
Doubt it. But when you have the dental work redone in the US, be sure to get a receipt 😉👍
@@heidikamrath1951 I don’t think I will be able to do that because I have never got the dental work I have done over seas redone . I only redo the work I get here so often .
I have excellent insurance whereby I have $0 deductible. Can I still get an HSA?
Hi! You'll need to check if you have a "High Deductible Health Plan" in order to participate.
Can you open HSA if your employer doesn't offer it?
Yes-HSA BANK
I am 18 and just seeing this. Can I start investing in this or need to wait until I am older?
If you have a qualifying insurance plan, you are eligible now and at your age, you stand to benefit the most by starting it right now.
Can't have one if you can't afford - even can't afford the unaffordable HC... Self employed fall between the cracks ...
Do you know if vanguard or schwabs offer HSA?
Check their website.
My HSA is with HSA Bank. There is a cash portion at HSA Bank and my investment portion is with Denevir and invested in Vanguard index funds.
Engagement
Where can I buy HSA? I am a self employed.
Any brokerage firm, I’m with Fidelity
@@dianec1595I am also self employed. I was considering Fidelity too. Thank you for the confirmation!
Also self-employed. I got mine through HSA Bank and am invested in Vanguard within that.
I have an HSA and I tried finding a way to invest the money but my insurance just puts it in a savings account that I can't do anything else with. Is that normal, or am I missing something (i.e. a way to invest it)?
Not every employer HSA plan offers an investment option but many do. If your employer uses someone like HealthEquity, Optum or some of the others then you should have the option but again it might depend on how your company sets it up with the HSA provider.
There may be cash minimums…for example they may only allow balances over a certain amount to be invested, forcing the individual to maintain some liquidity
I saw on another website that you can roll the money out of your employer-sponsored HSA and into your own. Do your research ahead of time and then when you set up your new one, it can handle the rollover. Some people even roll it over every month, especially if it goes in with an employer match. Sounds like a bit of a PITA but could probably be automated.
Never pay taxes...... Unless you live in nj
Living in California you would have to pay state taxes on the earnings no thanks on HSA 😂
Roths are better
😀
An HSA is great until you go to the doctor.
Give da feds time they will exploit it as well
Those popping sound effects are so annoying. Earned a thumbs down.