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In this episode of Beer and Money, Ryan Burklo discusses the importance and benefits of Health Savings Accounts (HSAs). He explains the qualifications for opening an HSA, the contribution limits, and the unique triple tax advantage that HSAs offer....
In this episode of Beer and Money, Ryan Burklo discusses the importance and benefits of Health Savings Accounts (HSAs). He explains the qualifications for opening an HSA, the contribution limits, and the unique triple tax advantage that HSAs offer. Ryan emphasizes the potential for long-term growth and the importance of investing the funds within an HSA for future medical expenses, especially in retirement. He also highlights common misconceptions about HSAs and encourages listeners to take advantage of this financial tool for better health expense management.
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Takeaways
Health Savings Accounts (HSAs) offer a triple tax advantage.
To qualify for an HSA, you must have a high deductible health plan.
You can contribute up to $4,300 annually as an individual.
HSAs allow for tax-free withdrawals for qualified medical expenses.
90% of Americans do not invest their HSA funds.
HSAs can be used for medical expenses in retirement.
Investing in an HSA can lead to significant long-term growth.
Medical expenses are a constant concern in retirement planning.
It's important to understand the difference between HSAs and FSAs.
Utilizing HSAs effectively can lead to better financial health.
Chapters
00:00 Introduction to Health Savings Accounts
03:14 Understanding the Triple Tax Advantage
06:03 Long-Term Benefits of HSAs
