Another HUGE benefit that you need to add to your list of Pros: when you enroll in a Medicare Supplement Plan, you can choose a much higher deductible Supplement plan with confidence that you can handle the higher max out of pocket (my husband and I both have K plans) which will save you HUNDREDS of $$ MONTHLY! When you no longer have employer paid insurance, YOU will need to pay your medicare premiums and full coverage Supplement plans can be easily $200 per month per person in CA while higher max out of pocket plans (K) will be $60-70 per person per month. We have a fat HSA to cover emergencies so we are saving about $300+ per month!
Under current law there is also a loophole where you can save healthcare receipts now then pull money out down the road at retirement tax-free for expenses incurred years ago. There is no current stipulation that you have to withdraw the money at the time the expense is incurred. Of course you might have to save receipts for years and/or the government might close the loophole. Also if age > 55 you can add an additional $1000 per year as catch up. If you're employer contributes to the HSA though that counts towards the total allowed contribution.
You said that you can take out the HSA funds for non-medical expenses after you hit 59.5 but everything I'm seeing online says its 65 years old. Which one is it?
No one should worry about s corps or llc until your buisness turns profit or you need a legal entity for payment processor it's just a way of lowering personal liability and you can file the paperwork at through your state and state website save money.
It's not "on your card" the HSA is a bank account in your name. You'd want to login to that bank account and check contributions & expenses. Start with calling your HSA provider...
You do need a High Deductible Insurance Plan to use HSA. Tricare is NOT a HSA plan. However, your spouse can have a sperate high deductible insurance plan that can give access to HSA
I thought you couldn’t touch it penalty free u til age 65. Also what about funding a child’s HSA if they are on your family insurance but not a dependent? You can fund it for them up to the family max. Yes, their own account. Separate for them. Insane.
Unfortunately, my HSA doesn't have the option to self direct. You can't even choose the mutual funds, etc. Just pay the yearly fee to have their finance guys manage it. I chose not to. Maybe I'll get a better one someday.
The reason they say 65 is that is when you probably will be on Medicare and not private health insurance with an HSA so the HSA funds can be now used more freely for other things.
Great info, as always! This new trend of the camera shifting to off-center takes away from your message though. I know it's just a mental thing, but I feel like every time it cuts away, you are no longer interested or are no longer speaking to me. Many RUclipsrs seem to be doing it now and it just feels like it takes away from their content.
Investing in hedge funds by yourself can be risky due to their complex strategies, high fees, and potential for significant losses. Without expert knowledge, it's challenging to fully assess the risks and returns, making professional guidance crucial.
Hedge funds can be tricky to navigate without deep financial expertise. The complex strategies and high fees involved mean that the risks can be substantial, and it’s hard to fully grasp these without experience. Professional guidance is key to making informed decisions and avoiding potential pitfalls.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market.
Do you need to have insurance to have an HSA? Or can someone have no insurance and still do an HSA? So it’s basically only for rich people that have insurance. Of course.
I'm in Colorado too and it would be great to find someone here. Thanks for asking the question. Hopefully it gets answered. But oh, we can call his offcie to find a referral.
One of the most enlightening videos on financial planning that I have ever viewed on RUclips. Thank you for producing it!
Another HUGE benefit that you need to add to your list of Pros: when you enroll in a Medicare Supplement Plan, you can choose a much higher deductible Supplement plan with confidence that you can handle the higher max out of pocket (my husband and I both have K plans) which will save you HUNDREDS of $$ MONTHLY!
When you no longer have employer paid insurance, YOU will need to pay your medicare premiums and full coverage Supplement plans can be easily $200 per month per person in CA while higher max out of pocket plans (K) will be $60-70 per person per month. We have a fat HSA to cover emergencies so we are saving about $300+ per month!
Under current law there is also a loophole where you can save healthcare receipts now then pull money out down the road at retirement tax-free for expenses incurred years ago. There is no current stipulation that you have to withdraw the money at the time the expense is incurred. Of course you might have to save receipts for years and/or the government might close the loophole. Also if age > 55 you can add an additional $1000 per year as catch up. If you're employer contributes to the HSA though that counts towards the total allowed contribution.
Great, clear advice. I always try to push people to do HSAs and invest! Best deal there is.
Thank you for this video. Learned quite a bit. 🙂
You said that you can take out the HSA funds for non-medical expenses after you hit 59.5 but everything I'm seeing online says its 65 years old. Which one is it?
Great info!
Is it still worth doing in California or New Jersey?
Yes!!
Mark the spam in your comments really sucks. But I wanted to thank you for your advice. Big fan of your videos.
I want to invest in Real Estate using my HSA but didn't know I could do that? It only has options to choose mutual funds.
Just zoom in on the money and it makes it bigger
No one should worry about s corps or llc until your buisness turns profit or you need a legal entity for payment processor it's just a way of lowering personal liability and you can file the paperwork at through your state and state website save money.
I called but they off me to a sister co. I wouldn’t even think of going to a sister co. Basically makes you unaccountable.
What if you don't know where to find the money left on your HSA card from last year?
It's not "on your card" the HSA is a bank account in your name. You'd want to login to that bank account and check contributions & expenses. Start with calling your HSA provider...
I am a disabled veteran. I don’t have insurance because VA and tricare for life. I don’t think this will work for me.
You do need a High Deductible Insurance Plan to use HSA. Tricare is NOT a HSA plan. However, your spouse can have a sperate high deductible insurance plan that can give access to HSA
@@taxcodeadvisors I’m a widower. It’s just me.
Can I enroll to a HDHP before Dec 1st, contribute the Max. Un-enroll in Jan 2025 and still be able to fully fund 2024? And repeat in November 2025?
I thought you couldn’t touch it penalty free u til age 65.
Also what about funding a child’s HSA if they are on your family insurance but not a dependent? You can fund it for them up to the family max. Yes, their own account. Separate for them. Insane.
Unfortunately, my HSA doesn't have the option to self direct. You can't even choose the mutual funds, etc. Just pay the yearly fee to have their finance guys manage it. I chose not to. Maybe I'll get a better one someday.
Can you transfer that money to a different HSA that you create?
@@JoeSchmoe-mp3pm yes, once per year
Mark, I thought its age 65, withdrawal w/o penalty from HSA?
It's 59 and a half, not 65
@@iLibertyWomanWorthy 59.5 is for traditional and Roth
The reason they say 65 is that is when you probably will be on Medicare and not private health insurance with an HSA so the HSA funds can be now used more freely for other things.
Great info, as always! This new trend of the camera shifting to off-center takes away from your message though. I know it's just a mental thing, but I feel like every time it cuts away, you are no longer interested or are no longer speaking to me.
Many RUclipsrs seem to be doing it now and it just feels like it takes away from their content.
Investing in hedge funds by yourself can be risky due to their complex strategies, high fees, and potential for significant losses. Without expert knowledge, it's challenging to fully assess the risks and returns, making professional guidance crucial.
Hedge funds can be tricky to navigate without deep financial expertise. The complex strategies and high fees involved mean that the risks can be substantial, and it’s hard to fully grasp these without experience. Professional guidance is key to making informed decisions and avoiding potential pitfalls.
The truth is that this is really not as difficult as many people presume it to be. It requires a certain level of diligence, no doubt, which is something ordinary investors lack, and so a financial advisor often comes in very handy. My friend just pulled in more than $84k last month alone from his investment with his advisor. That is how people are able to make such huge profits in the market.
Do you need to have insurance to have an HSA?
Or can someone have no insurance and still do an HSA?
So it’s basically only for rich people that have insurance. Of course.
You need a high deductible health plan
You must have Insurance & it must have a high deductible.
Has nothing to do with being rich. Only has to do with where you work and what insurance plan they offer. So it’s your fault. Not someone else’s.
Anderson Frank Lewis Deborah Hall George
I would like to find one CPA trained by you in Colorado. Where are they?
I'm in Colorado too and it would be great to find someone here. Thanks for asking the question. Hopefully it gets answered. But oh, we can call his offcie to find a referral.
@@iLibertyWomanWorthy I am in Austin TX - I will be happy to help.