I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
My CFA ’NICOLE ANASTASIA PLUMLEE’ a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RUclips channel is very informative and effective.
Your video was Straight and to the point, thanks. Im currently in the process of transferring my employers Hsa account over to another hsa account that doesn’t have monthly fees or minimum balance requirements. The process doesn’t seem straight forward to set up these automatic transfers so far but Im going to call my employers hsa to discuss this tomorrow. Can you recommend a good non fee Hsa account?
This is a very good question. So, our number one recommendation is, of course, to start with your preferred bank and see what options they offer (if any). BUT, in our experience, the most popular is Optum Bank and you'll have the ability to invest your funds. You can also check out HSABank.com as an additional resource.
@@iHealthBrokers I believe I have one of the accounts I have now is HSABank but there’s like a monthly $2.50 admin fee… I believe fidelity and lively do not have monthly fees so I’m going to try them out
If I have a family HSA account, which includes a 21yo child. Would the ability to use the HSA withdraw for his healthcare bill end when he is 26 years old?
@@iHealthBrokers I need to have the high deductible plan in order to contribute, but do not need to be on any plan in order to use it. But, since he is over 26, he is no longer eligible?
Question- My wife has an option at her new job to get our entire family on an HSA for right around $600/month. That $600 each month IS the monetary contribution to the HSA, isn't that correct? And if so, is that entire $600 then available for medical expenses, or does the insurance company get a portion of that $600 as payment for the insurance policy?
Hi there, question: beginning 2024, I will have a qualifying HDHP through my job. However, in addition to the regular medical insurance, my employer is giving us a first-dollar wraparound insurance in the form of a $7,500 Visa card. An HSA is not being offered through either of these, so I plan to start one of my own through Fidelity. I plan to pay out of pocket for eligible expenses and save the receipts, using the HSA mainly as an investment vehicle. Am I eligible to even have an HSA due to the wraparound insurance, and if so, can I use the HSA for eligible medical expenses which are NOT covered by the first-dollar insurance with the Visa card, i.e. vision and dental expenses? Thanks in advance.🙂
Wish I could be of more help, but the best advice I can give is to contact your HR department since this is group insurance offered through your employer.
Thank you for the informative video. Is it possible to open an HSA account and contribute money after tax, regardless of my healthcare plan? That way I may not get pre-tax benefits but I can still invest it and not pay taxes on income generated within the account?
This video is from 2023 so there are new numbers available. In 2024, the Max annual HSA contribution for an individual is $4150 for an individual or $8300 for a family. Thank you for your question!
Very good question! So, there is such a thing as a Medicare Savings Account (which is basically the Medicare version of HSAs). They are not very common, although they may become more readily available in the near future. Your MA advantage plan would have to offer this type of benefit for you to utilize it.
thanks for the info… what’s not so clear to me is when I reach the age of 65 or older, can I draw fund for non-healthcare expanses without being subjected to tax or penalty?
@@iHealthBrokers I also asked Optum the same question and they just got back to me. The rep said it would remain healthcare-related expenses only. Otherwise, penalty. Do you have a link to an article or IRS doc about this?
@@birdenlightening5855 It would be considered taxable income past 65 but there is no "penalty" like you would incur if you were under 65."Once you're 65, you can use the money for any purpose. If the purpose is a qualified medical expense, the withdrawal is tax-free. If it's for any other purpose, the withdrawal is taxable as income. You won't, however, be subject to the 20% penalty for non-medical use of the funds. That is imposed only on people under age 65." www.investopedia.com/articles/personal-finance/091615/how-use-your-hsa-retirement.asp
This is my first time researching about health insurance and I’m new to it. I’m interested to open HSA. I’m wondering HSA is only available if a person is with W2? Is there any option for 1099 taxpayers to open HSA?
Yes. I don’t have any W2 income. Only rental income. Therefore I can’t contribute to a Roth or traditional IRA because you have to have wages equal to what you contribute for those vehicles. My rental income does not qualify as wages. Nor do my dividends. So I was wondering if HSA was under the same standard to be able to contribute?
@@jsals2k We've actually never come across this specific question before. One major benefit of HSAs is that they lower your taxable income because the amount you contribute is pretax. There is no requirement to have a traditional W2 income in order to contribute to an HSA, but based on what you've described, it might not actually help you... Having said that, we can not give tax advice, so I would speak about this with your tax professional.
Really, it just depends. Then F.I.R.E. community are very supportive of HSAs and there are definitely some financial incentives there (especially if you are going to invest a portion of your HSA)!
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
My CFA ’NICOLE ANASTASIA PLUMLEE’ a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RUclips channel is very informative and effective.
Thank you so much for your kind feedback!
Your video was Straight and to the point, thanks. Im currently in the process of transferring my employers Hsa account over to another hsa account that doesn’t have monthly fees or minimum balance requirements.
The process doesn’t seem straight forward to set up these automatic transfers so far but Im going to call my employers hsa to discuss this tomorrow.
Can you recommend a good non fee Hsa account?
This is a very good question. So, our number one recommendation is, of course, to start with your preferred bank and see what options they offer (if any). BUT, in our experience, the most popular is Optum Bank and you'll have the ability to invest your funds. You can also check out HSABank.com as an additional resource.
@@iHealthBrokers I believe I have one of the accounts I have now is HSABank but there’s like a monthly $2.50 admin fee… I believe fidelity and lively do not have monthly fees so I’m going to try them out
@@youngz13o Good to know! Thanks Matthew!
If I have a family HSA account, which includes a 21yo child. Would the ability to use the HSA withdraw for his healthcare bill end when he is 26 years old?
Good question. No, he would be unable to withdraw funds once he is no longer on your plan.
@@iHealthBrokers I need to have the high deductible plan in order to contribute, but do not need to be on any plan in order to use it. But, since he is over 26, he is no longer eligible?
@@darwinjina That is correct. He would no longer be able to withdraw funds (although you still would be able to).
Question- My wife has an option at her new job to get our entire family on an HSA for right around $600/month. That $600 each month IS the monetary contribution to the HSA, isn't that correct? And if so, is that entire $600 then available for medical expenses, or does the insurance company get a portion of that $600 as payment for the insurance policy?
The entire $600/month is available for medical expenses. In fact one of the few things you can't use the money for is paying your insurance premium!
Hi there, question: beginning 2024, I will have a qualifying HDHP through my job. However, in addition to the regular medical insurance, my employer is giving us a first-dollar wraparound insurance in the form of a $7,500 Visa card. An HSA is not being offered through either of these, so I plan to start one of my own through Fidelity. I plan to pay out of pocket for eligible expenses and save the receipts, using the HSA mainly as an investment vehicle. Am I eligible to even have an HSA due to the wraparound insurance, and if so, can I use the HSA for eligible medical expenses which are NOT covered by the first-dollar insurance with the Visa card, i.e. vision and dental expenses? Thanks in advance.🙂
Wish I could be of more help, but the best advice I can give is to contact your HR department since this is group insurance offered through your employer.
Thank you for the informative video. Is it possible to open an HSA account and contribute money after tax, regardless of my healthcare plan? That way I may not get pre-tax benefits but I can still invest it and not pay taxes on income generated within the account?
No, I'm sorry. HSAs are only available in conjunction with a High Deductible Health Plan (HDHP). Great question!
is it 3000 per couple per month or anually?
This video is from 2023 so there are new numbers available. In 2024, the Max annual HSA contribution for an individual is $4150 for an individual or $8300 for a family. Thank you for your question!
Does Medicare advantage qualify for HSA? Also is it worth it to start a HSA account at 65?
Very good question! So, there is such a thing as a Medicare Savings Account (which is basically the Medicare version of HSAs). They are not very common, although they may become more readily available in the near future. Your MA advantage plan would have to offer this type of benefit for you to utilize it.
thanks for the info… what’s not so clear to me is when I reach the age of 65 or older, can I draw fund for non-healthcare expanses without being subjected to tax or penalty?
Yes! When you retire you can convert your HSA to a basic retirement account and use it as you see fit.
@@iHealthBrokers this encourages me to max up my HSA. Thank you!
@@iHealthBrokers I also asked Optum the same question and they just got back to me. The rep said it would remain healthcare-related expenses only. Otherwise, penalty. Do you have a link to an article or IRS doc about this?
@@birdenlightening5855 It would be considered taxable income past 65 but there is no "penalty" like you would incur if you were under 65."Once you're 65, you can use the money for any purpose. If the purpose is a qualified medical expense, the withdrawal is tax-free. If it's for any other purpose, the withdrawal is taxable as income. You won't, however, be subject to the 20% penalty for non-medical use of the funds. That is imposed only on people under age 65." www.investopedia.com/articles/personal-finance/091615/how-use-your-hsa-retirement.asp
@@iHealthBrokers thank you so much!
This is my first time researching about health insurance and I’m new to it.
I’m interested to open HSA. I’m wondering HSA is only available if a person is with W2? Is there any option for 1099 taxpayers to open HSA?
Of course! You just have to select a high deductible health plan (HDHP) that offers an HSA as a benefit.
@@iHealthBrokers so if you have zero W2 wages then you can still contribute to an HSA?
@@jsals2k Do you mean from a savings account or something like that?
Yes. I don’t have any W2 income. Only rental income. Therefore I can’t contribute to a Roth or traditional IRA because you have to have wages equal to what you contribute for those vehicles. My rental income does not qualify as wages. Nor do my dividends. So I was wondering if HSA was under the same standard to be able to contribute?
@@jsals2k We've actually never come across this specific question before. One major benefit of HSAs is that they lower your taxable income because the amount you contribute is pretax. There is no requirement to have a traditional W2 income in order to contribute to an HSA, but based on what you've described, it might not actually help you... Having said that, we can not give tax advice, so I would speak about this with your tax professional.
Im single, no dependants. Is it worth it?! 🤷🏻♀️
Really, it just depends. Then F.I.R.E. community are very supportive of HSAs and there are definitely some financial incentives there (especially if you are going to invest a portion of your HSA)!