The $29,000 HSA Mistake To Avoid - Health Savings Account скачать в хорошем качестве

The $29,000 HSA Mistake To Avoid - Health Savings Account

A deeper dive into an HSA and the benefits of supercharging the account:    • The Hidden Truth About an HSA (Health Savi...   Free copy of the HSA Expense Tracker: https://bit.ly/4f0nm1O Check out Employee Benefit Research Institute and the great work they do here: https://www.ebri.org/ My Recommendations (It helps support the channel): 🔥 M1 FINANCE Investing- Free $10 (once you deposit at least $100 within 30 days) https://bit.ly/427KBBn 📚 Here's a video on how to use M1 Finance    • M1 Finance Investing Tutorial For Beginners   📝 NewRetirement - The retirement planning tool I personally use to make sure I'm on track with saving for retirement. It's perfect for "Do it yourself" investors https://bit.ly/3EAAhrJ 🔒 AURA - 14 day free trial to see if your personal information has been leaked online and have it removed https://aura.com/jarrad 📝 Empower - Free Net Worth Tracker https://bit.ly/3NUNtwq 📖 Free copy of my Spending Review Spreadsheet: https://bit.ly/48lMVZ1 💬 Sign up for 1 on 1 coaching with me: https://bit.ly/4bAUpYT 📧 Business Inquiries: [email protected] Health Savings Accounts (HSAs) can be powerful financial tools, but many people make costly mistakes that limit their potential benefits. By understanding and avoiding common pitfalls, individuals can maximize their HSA’s value and ensure long-term growth. One major oversight is failing to invest HSA funds after contributing, leaving money in cash and missing out on tax-free growth. Investing allows even small contributions to compound over time, turning thousands into tens of thousands of dollars. For those hesitant to invest everything, keeping enough cash to cover the deductible while investing the rest can provide a balance between safety and growth. Choosing a 100% equity allocation for investments can further maximize growth, particularly for individuals with a higher risk tolerance. Another mistake is reimbursing out-of-pocket medical expenses prematurely, such as using HSA funds to contribute to a Roth IRA. This reduces the overall amount in tax-advantaged accounts, limiting growth potential. Instead, tracking receipts and reimbursing only when needed—possibly decades later—helps funds grow longer. Proper receipt management is crucial for compliance with IRS rules, ensuring expenses can be reimbursed tax-free even years down the line. Transferring funds from poor-quality HSA providers to a low-fee option like Fidelity is another smart move, especially after leaving an employer. Partial balance transfers can also help avoid fees while still receiving employer contributions. Additionally, employees should avoid reducing their contributions when employers add funds to their HSAs, as doing so diminishes long-term growth potential. HSAs can also cover certain preventive health expenses, including gym memberships and screenings, and can be used for qualifying medical expenses incurred internationally. Understanding how HSAs operate after the account holder’s death is also key to preserving tax benefits for surviving spouses or beneficiaries. By leveraging these strategies and avoiding common errors, individuals can unlock the full potential of their HSAs, turning them into a powerful tool for both short-term health expenses and long-term financial security. Timestamps: 00:00 What we'll cover in this video 00:47 Supercharged HSA 01:57 HSA to Roth IRA 03:31 Growing HSA money 04:49 Keeping HSA money safe 05:20 Maximize HSA money 06:04 Get rid of trash HSA providers 08:28 Reducing HSA contributions 10:43 How to lose thousands with an HSA 13:43 Will HSA receipts expire 14:50 Extra HSA rewards 15:21 Using HSA on Preventative Medical Expenses 16:39 Medical expenses outside the United States 17:52 Withdrawals from HSA 19:07 What happens to an HSA when you pass away Affiliate Disclaimer: Some of the above may be affiliate links. Support the channel by signing up or purchasing through those links at no additional cost to you. I appreciate you for helping me keep this channel running. Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your money.