Hack your HSA

Introduction:

• Host: Stephen Libman
• Episode Focus: Understanding and Leveraging Health Savings Accounts (HSAs)

Key Episode Highlights:

Introduction to HSAs:

• Explanation of what HSAs are and their importance in managing healthcare expenses.
• Overview of the benefits of using HSAs for financial planning.

Tax Benefits of HSAs:

• Contributions are tax-deductible, reducing taxable income.
• Interest and investment earnings in HSAs are tax-free.
• Funds used for medical expenses are also tax-free.

Saving and Spending with HSAs:

• HSAs allow savings for future healthcare costs not covered by insurance.
• Funds roll over year to year, enabling the growth of savings.
• HSAs are portable and remain with individuals despite job or insurance changes.

Insurance and Employer Contributions

• Pairing HSAs with high-deductible health plans for lower premiums.
• Potential for employer contributions to HSAs.

Investment Insights:

• Investment options within HSAs, including stocks and bonds.
• Tax-free growth of investments if used for qualified medical expenses.
• HSAs as a financial safety net for unexpected medical expenses or emergencies.

HSAs Post-65:

• After age 65, funds can be withdrawn for non-medical expenses without penalties (regular income tax applies).

Myths and Misconceptions about HSAs:

• Clarification on common misunderstandings, such as fund expiration and investment limitations.

Hacks for Maximizing HSAs:

• Strategies for enhancing HSA benefits, like creating self-directed HSAs and making catch-up contributions.

Practical Example:

Illustration of HSA growth potential over time with regular contributions and investment returns.

Resources and Reminders:

• Free Guide: 5 Insights for Making Better Financial Decisions available at stephenlibman.com.
• Subscription and Review Requests: Encouragement to subscribe, rate, and review the podcast.
• Connect on LinkedIn: Stephen Libman's LinkedIn Profile

Disclaimer:

• Informational purposes only, not professional advice.
• Listeners encouraged to consult licensed professionals for specific advice.

Contact and Additional Information:

• Website: www.stephenlibman.com
• LinkedIn: https://www.linkedin.com/in/stephenlibman/

Closing Thoughts

• Recap of the importance of HSAs in financial planning.
• Reminder of the podcast's aim to empower listeners with financial knowledge.