What is a Health Savings Account? HSA Explained for Dummies скачать в хорошем качестве

What is a Health Savings Account? HSA Explained for Dummies

Want to say YES to your next vacay without going into CC debt? Check out my mini class, Millennial Money Moves! https://bit.ly/millennialmoneymoves A health savings account is a great way to set aside money to pay for medical expenses throughout the year. But how do they work exactly? Here's a breakdown of health savings accounts - HSA explained for dummies! -------- 🎬 NOTES FROM VIDEO A health savings account is a savings account where you can set money aside on a pre-tax basis to pay for qualified medical expenses. A health savings account typically comes with a HDHP - high deductible health plan. So your deductible is going to be higher and your premiums will be lower. Most plans will cover 100% of your costs after you hit your deductible - but the deductible is high. An HSA is not a substitute for health insurance but it comes with it in an HDHP. Benefits of a health savings account https://www.cnbc.com/2019/06/03/these... Set aside money pre-taxed for medical expenses. So just like a 401k, you contribute money from your paycheck pre-tax which reduces your taxable income for the year. Earnings in an HSA grow tax free. Contributions and interest accrues tax free. You can withdraw money tax-free when it's used for qualified medical expenses. You can take the HSA with you if you leave your employer The money does not "expire" like a flexible spending account. It keeps accumulating and you can still use it years later, even when you retire. Cons Might not be right for someone who has a chronic illness or requires expensive medications - the deductible is high therefore you're paying more out of pocket The contribution limits are capped Depending on your plan, you might still have a copay after you reach your deductible limit. -------- 💻 SIGN UP FOR BUDGET BOOTCAMP https://www.debtfreemillennials.com/b... -------- 📝CHECK OUT THE HOW TO CONTROL YOUR SPENDING WORKBOOK http://bit.ly/DFMworkbook -------- 💌 READY TO BUDGET? Sign up for the Debt Free Millennials FREE budget toolkit: https://www.debtfreemillennials.com/t... -------- 🌟SIGN UP FOR FETCH REWARDS! USE CODE WR367 TO RECEIVE FREE POINTS! https://www.pubtrack.co/8NTHB94/9WZ1G9/ (affiliate link) -------- ❤️️ TRY MADISON REED AT HOME HAIR COLOR KIT https://bit.ly/DFM-MadisonReed (affiliate link) -------- 🚘 GET FREE CAR INSURANCE QUOTES WITH GABI: http://bit.ly/DFMGABI (affiliate link) -------- I’M SOCIAL UP IN HURR: 🔸 Facebook Group:   / debtfreemillennials   🔸 Instagram:   / debtfreemillennials_   🔸 Site: https://www.debtfreemillennials.com Disclosure: Links contain affiliates. When you buy through one of my links, I will receive a commission. This is at no cost to you and helps support my channel! 🔴 Partner With Me - [email protected]