You MUST Have One of These
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- Опубликовано: 11 янв 2023
- 💎Free Stocks, My TradingView Profile, and Social Links: linktr.ee/inthemoneyadam
Outro Song: • Urban Lullaby - Jimmy ...
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You can contribute for 2022 until the end of the tax year on 4/15/23. So, if you haven’t, you can contribute for 2022 and 2023 right now.
Keep in mind that 2022’s max contributions are lower at $3,650 for individuals and $7,300 for families.
How does this effect family accounts? If I turn 65 do I split the account for the wife and kids? Which might be a solid tax shelter for kids so that medical is never an issue they have to worry about.
“A brain transplant… probably for most of you”
😂🤣
Smooth brains 🤣
It's like Dick's Last Resort on youtube. There's always an insult or two. 😂
rekt
My wife had an HSA. She had like 4k in there. When I hurt my ankle, we used that to pay for everything. Plus, Amazon has things you can buy with an HSA card. It's awesomeness! For example: the hospital wanted $300 for a boot for my foot, but Amazon only wanted $30 for the same exact boot. And they took my HSA card!
Fyi, my partner was able to get one of the air cushion boots for about $15 from a community medical equipment place in my area. Shop around. But yes, HSA all the way
@@SpaceOkuufound the AMZN put holder…jk 😂
Just fell in love with this information you shared thank you
I've never heard of this before. Shit like this is why you are one of only 4-5 youtube finance channels that I actually respect. Thank you for adding true value to the community by spreading genuinely useful tools instead of jumping on the click-bait worthless garbage like other channels. +1 rep bro.
What are your other 4-5
If you’re investing and you don’t know the basics, you probably need to get that HSA so you can get that brain transplant.
@@DennisFinancialDoctor ,
Nap didn't say anything remotely close to "I don't know the basics".
He ONLY mention l said that he "never heard of [an HSA] before".
Why you gotta diss the man???
SMH @ humanity
You're the realest person over 100k subs. There's no one like you. You da man!
Yeah I agree. Adam is pretty cool.
There is one like him actually. He has a twin brother.
@@jtalexandre the best response to any comment I've ever written anywhere. Very true. Lol
Hey Adam, just wanted to say it’s inspiring how you’re handling this situation and still giving us great information. Praying everything gets better.
Thank you ❤
@@InTheMoneyAdam agreed. Sending you healing, brother ❤
He's right. I have always been healthy. Was diagnosed with cancer last month. Lots of bills already, and a lot more to come.
A rich man have thousands of wishes, a sick man only have one wish
It's even possible to eventually use it to pay for senior care and take advantage of its compounding growth over the years.
Yes
I hope everything turns out ok. Thanks for the great advice!
My job pays into an HSA for me through Optum, but my HSA is in Fidelity because they don't have a minimum to save prior to being able to invest. At the beginning of the year, or anytime really, I transfer my Optum work contributions into the Fidelity HSA and then fund the rest myself. one thing to make it easier, Amazon has an entire HSA/FSA storefront of items you can purchase that you can claim HSA/FSA dollars from for reimbursements. There are plenty of everyday items like tylenol or cold medicines or glasses you can use HSA/FSA for. You then download the invoice and put it in a folder for record keeping. Another big one that I really like is you can trade options inside your HSA which is how I get more into the HSA than the limit normally allows. My plan is to build it up to a substantial amount then as I need medical or want to reimburse myself, I do an options trade for the amount I need and never dip into the principal...... that is the plan, we will see how it goes when I retire.
I have an HSA. The first year at my job I had an FSA. DO NOT MAKE THAT MISTAKE. A HSA carries the balance over year to year. A FSA only lasts for the current year or you'll lose your balance.
Anyway... my job helps by contributing to my HSA & I can also use it to pay for over the counter medication. I was able to start investing mine after I had a balance greater than $1k. My return from just letting the money sit is as bad as a basic savings account though. I put the difference of what I would pay for a higher tier insurance plan so it didn't feel any different when I got my check. It also helped me be able to pay for doctor visits pretty quickly.
I'm guessing you're using Health Equity because of the $1k cash balance requirement to invest. My employer still contributes to my Health Equity account, and I contribute via my paycheck so I avoid FICA taxes, and then transfer the money over to my Fidelity HSA. You can transfer assets from one HSA custodian to another without having to leave your employer. Fidelity doesn't charge nearly as much as Health Equity and you have a much broader level of investment options, as well as the ability to sell covered calls on stocks you already own. HSAs are amazing.
Can also use an HSA to pay for Medicare premiums as well as long term care/memory care if needed.
I love seeing your videos. Because I know what your going through. My daughter lives in a similar situation. It brings me joy to see you bro!!!!
An insurance rep told to open a HSA, put $30 a pay period in and max it out if you can. I had $5000 saved up and when I needed the money. She also told me to call the billing dept and negotiate all doctor and hospital bills. After a hospital visit I got a bill for $2700. I negotiated it down to $980 and used my HSA to pay for it.
How do you recommend negotiating bills? Do you just say nah this too much or what.
reply to him ^
Reply to the first comment plz
...cap
Bless you bro get well this year. I hope its a stronger year for you and your brother
If only we had a half decent public healthcare system where everything didn't cost crazy amounts often despite having insurance
I'm liking the new "donuts" greeting. This should be your default greeting.
“If you live in those two states, they hate you” 😂
I can confirm that California hates you.
I have an HSA and thought it was great, but I had no idea i could reimburse myself later if I so choose. Great info 👍
While it's not for everyone, it should be something most young people do. I preach about HSAs to every new hire or relatively healthy person at work. I set mine up years before I got married and had kids. The biggest reason was how much cheaper the monthly premium was compared to our regular insurance plan. Since I was already used to losing that premium, it was a no brainier to set up the HDHP and divert the premium saved into the HSA. Rinse and repeat for 5 years as a single person. Fast forward another 13 years and our HSA has paid for 4 kids, several surgeries, and various emergency room visits, all while being invested.
Keep on preaching, I do the same. HSA’s triple tax benefit is unbeatable. Stack on cashback when paying medical expenses using a rewards-earning credit card.
@@ApexClubRacer walk me through that process. Do I pay with a cash back credit card in the ER or doctor's office first, then pay the credit card with the HSA money?
@@roo2dee2 exactly. Never use the actual HSA debit card to pay for medical expenses, always use a card that provides at least more than 1% cashback. I personally use a combo that yields 1.5 - 2.25% on purchases. Two benefits here: 1.) depending on your statement cycle, you may not have to pay off the medical expense for another 1.5 months. It’s a nice cushion if you want to pay off the medical expense and don’t want to withdraw from your HSA. 2.) you don’t have to withdraw immediately, you just need to document the expense and withdraw the HSA funds anytime into the future.
Love you bro. Thanks for the info! I have an HSA account already but didn't know about many of these benefits!
Wishing you and your brother continued improvement!
That's crazy you bring this up..its been bouncing around in my head for a few weeks now
Great info. Had one thru my employer. Will definitely need one of my own
I am 55 and have had an HSA for 10 years or so. I always pay with a separate credit card that has points. I pay the bill and reimburse myself. This gives me tax free credit card points. The other thing is this HSA account will pay for my Medicare supplemental costs, so in retirement my medical is pretty much covered.
HSA has saved my booty more than once. It’s a great thing for anyone who is eligible!
I've had an HSA (now w/Fidelity) for yrs! Love it!
The tax savings are amazing!
100% agree. I am finally at an employer that offers an HSA. Seemed like no brainer.
Another pro that I don’t think you mentioned is that unlike FSAs, the funds don’t have rollover limits and you keep them if you leave your employer. In other words, your money doesn’t magically disappear at the end of the year or when you quit your job. 😂
these are the things that should be taught to kids in school. I was never taught any financial management other than a checkbook in school. Of all the things that we don't teach in school is how to manage a budget and utilizing your capital. even if one doesn't have much, there are many ways to make life less expensive.
HSA has been a joke for me. Gets declined every time I try to use it! I'm getting ready to get my money out of there.
thank you for sharing this important information and wishing you the best
Thanks for always sharing valuable knowledge! Hope you’re health keeps improving!
I had no idea that you could reimburse yourself anytime. Thanks for an incredibly useful video!
Hey Adam. As always, you provide sound, well thought out information. I enjoyed it even though it is basic info. Good luck with the spinal tap. The old nurse in me wants to warn you to expect a head ache for a day or so. I hope you get some actionilble test results that will shed further light on what ails you and a treatment plan. I know it has been a difficult journey for both you and your brother. Any chance this could be due to an enviromental or chemical exposure? I do not recall you mentioning that in your posts previously. But as always, wish you well. Pup
I am older and thus old school and been down a few roads. Due to deep fakes, phishing and guys like Madoff and Tom Pedders (whom I knew, I'm from Mpls), very hesitant to respond to this sort of reply request. I have not n the past even thought I would like to trust your site. I was a nurse, a financial analyst and large general contractor who is now involved with aging in place and other people with special needs. I wish you well, but
Best thing I ever did was open a HSA. I recommend REITs.
Get better man! I love my HSA 💯
Great advice, donut king!
Some companies will match funds to an HSA for you. Wish the yearly cap wasn't so low. Thanks for the video!!!
Wow I've had an HSA for 3-4 years now and I had no idea you can reimburse yourself later at any time. This is an amazing benefit and will likely persuade me to keep it for as long as I'm healthy
You need to save your receipts in order to do this.
@@DennisFinancialDoctor Right, I knew that but omitted it from my comment. Thanks for the addition. An important distinction for any comment readers out there.
Thank you your 100% right
You always have great information. Thank you for what you do. I appreciate you and you’re hilarious.
A really good additional perk is the HSA is usable for all dependents. I.E. even if you don’t have your spouse or kids on your insurance plan, you can still use your HSA funds to cover their medical expenses/deductibles.
You drop the best knowledge Adam. Thank you for sharing! Hope you feel better soon and I love the Firewatch desktop background 😄
Sorry to hear about your condition man. But I 100% agree HSA are great accounts to have!
I really appreciate this because I've always seen it but no one has ever explained this to me.
Our entire "Health" System pisses me off... A decade(maybe 2 now) ago there was no need for a HSA, insurance actually paid for shit the ACA has bankrupted so many 🤦♀️ It's a huge effing mess just like everything else the Gvt gets involved in.
Super informative video thank you! I never knew this. I have an HSA but it’s just sitting there. I am gonna transfer to fidelity and put it in and ETF
Here in Canada 🇨🇦 we just pay income taxes to get access to Healthcare. Mind you, the wait times can be long; other occasions are very short.
Thank you for the considerations!
You don't pay income taxes on contributions, it grows tax free, and if withdrawn for qualified medical expenses it comes out tax free, but there's also a fourth tax advantage if your contribution is deducted from your paycheck: you don't pay social security or Medicare on it.
Amazing point
Tricare gang RISE UP. For everyone else, HSA is 🔥
Keep getting healthier, my man.
Appreciate you bro 🍻
@06:20 - The Fidelity Credit Card - You trade your reward points into CASH, that can be deposited into your Fidelity HSA. - For a regular person taking care of their family, grocery, bills, etc - and helps max out your HSA amount every year. Fidelity is by far the best brokerage to use for this.
I use M1’s credit card and have it automatically kick cash back into a portfolio
I love your videos bro. I wish you the best with your body. We need you here, you’ll get better 🎉
Thanks for the tip!
Yes! Thank you for talking about these. I'm an accountant and it's so crazy to me more people don't know these are options for them. These ALWAYS win out (in my experience and recommendation to clients) over an FSA due to the time limit to use the funds and investing capabilities alone. Always check though if there are conflicts with other related accounts, like HRAs and state tax laws as well. You're really one of the best Adam and so respectable. You really look out for people and it is genuinely appreciated.
NMN & Resveratrol. Good luck & God Bless.
I have a Neuro condition got it around the same time. It comes with CFS. sorry you have this. Glad you can work!
Great video, thank you.
I run the wheel strategy inside my Fidelity HSA. It's just another brokerage account and I only tap into it if I can't cover my medical expenses with cash out of my normal budget. It's nice having the safety net, plus no income tax or social security tax if it comes out of payroll. I use my employer health insurance HSA for normal use, then multiple times per year, I transfer the excess directly into my Fidelity HSA using an ACH transfer. It's workes great for the past few years.
I opened mine in 2020. 💯 the way to go.
I was just looking into it and I might as well get one as well.
My wife's employer seeds her HSA with $1,500/year then matches 1.5x of her personal contributions. This is on top of an already generous retirement planning. It's almost too good to be true.
Nice. Actually in the process of moving my wife's HSA from a shity credit union to Fidelity.
Yep. Love HSA. Max it out every year, and employer contributes a portion. Triple tax advantage.
' a brain transplant for most of you' haha. This guy just insulted all of us. That was slick!
Timing-wise I got extremely lucky with opening an HSA early on in my career. I maxed my HSA contributions for 7 of the last 12 years, with most employers contributing from 1-2.5k for having a HDHP. It has been a godsend for the half a dozen or so urgent care/ER visits to the point where I’ve never felt a huge financial burden. I’ve only drawn down maybe 30% of what I’m allowed to withdraw for medical expenses. I would caveat that some states (like my state Commiefornia) does not recognize HSA contributions/employer matches as deductible so they aren’t tax deductible.
if you don't like Commiefornia why don't you leave? it's not like it's the only state in the country.
They are still deductible on the federal level though, which is significant
Unfortunately, for those of you who are military retirees like me using Tricare, you are not eligible for an HSA...
So is this something I can do if all my medical is taken care of by the Veterans (VA) Hospital? I dont really have "health insurance" as i go to the VA for everything. Except Dental and Vision that is.
Meet Kevin just called Mr. Beast fans “BLIND” for wanting to invest in his REAL cookie and burger business IPO. Meanwhile, his construction company collapsed, he lost all rental properties, house hack has 0 properties, and his PP is underperforming the market 🎉
I have an HSA as well thru my employer, family plan. Maxed out. I also trade options with it and some DIV holdings
I recommend HSA over an IRA because you can withdraw tax free for medical emergencies. With an IRA, that money is just stuck there until 65.
Living in Denmark with government funded healthcare, watching this is just another reminder that the US is behind on so many levels. The fact that you have to actively manage a savings account in case something as not-your-fault as sudden sickness should not be a thing in what is supposed to be a first world country.
My HSA through WEX uses Schwab for a brokerage account. I can trade options in my HSA!
What if you’re not employed yet? The soonest I’d be able to open would be my first ft job right?
Wow, I didn't know you could withdraw it so many years later. That's amazing!
You look good. Glad to see you're doing better!
living in Europe, not applicable as we are insured for health issues
If your employer offers an HSA program there is a chance that it will come with employer contributions. For me my employer contributes $500 that counts toward the yearly contribution limit. I receive that even if I don't make any contributions myself
This is a great video, thank you.
Can confirm, smooth brain checking in. Thank you for the recommendation. I will have my mom to look into it for me.
wishing you get better soon dude 💙
Great man, great content
I just made my first contribution and I was shocked to discover that I could contribute to last year's limit until the tax deadline this year. I'm gonna take advantage of that!
I just signed up for one this year and my employer gives an annual kicker of $1250, too. Going to contribute with the intentions of not using it unless completely necessary. I did not know about the reimbursement part, so thanks for the tip.
"TINK YOUR PATELLA" to good mate should be on mugs, t-shirts, bumper stickers etc...
It's not just the deductible that factors into the definition of a high deductible health plan. Also, for some obscure reason the out-of-pocket limit needs to be *less* than a certain amount, and unfortunately, most exchange health plans with high deductible have out-of-pocket limits higher than this amount, making you ineligible for contributions to an HSA. This seems so backwards to me - you have to pay more money for healthcare, but you can't benefit from an HSA...
I was just wondering wether my options were in the money or not and now I’m contemplating the fragility of my mortality.
I have one and it can be a major help in between jobs or insurance policies.
I'm insured by my employee and well. It's not a high deductible insurance.... Should I pay for a cheap policy to open an HSA? I probably won't even use it, but I do see some long term benefits of an HSA.... Any suggestions....?
thanks Sir
Don’t forget the HYSA for an emergency fund! Got the 3 months salary in it with Ally.
I got 20 years in a checking account
@@chadwickwood9843 I got 50 years in a negative interest rate money market account
Damnnn! Bro wishing you the best…you’ve been a fantastic teacher man. Truly appreciate all your time and effort.
HSA have no RMDS when you get older. Plus it plays the stock market
I just had a brain transplant, but can’t remember how much it cost. I also can’t remember my HSA account login password. Does this mean the brain transplant didn’t work?
Those high-deductible plans are not for everybody, especially if you have high expenses today.
My work offers a HSA and its the best thing I could have done.. Just go into a Dentist, Eyecare place and just swipe it like a debit card and just walk out.
I forgot I had mine for almost a years and a half and I have 5k saved up in that thing and its nice to know If i ever need something done I have my HSA handy at all times!
Yep! My favorite type of investment vehicle! Unfortunately, I'm no longer able to contribute to it as I'm no longer part of a high deductible plan.
This is wonderful advice but it really shouldn't be necessary. The American medical system is just disgusting.
Yo dooood. My employer offers us one. They do 600 a year plus 300 if you go to their health fair and get a checkup. I just started putting back in 100 per paycheck (~26 per year). I have been wanting to put more in for a while now.
Of course CA
Someone please hook me up with where I can find the full tune of this man's outro song. Idk why but I'm obsessed with it