The Shocking Truth About An HSA (Health Savings Account)

A Health Savings Account is one of the best financial accounts out there. It's so great I have dreams about it. So in this video, I'm going to break down what's so special about an HSA and how you can maximize it.

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A Health Savings Account has been around for 20 years, but not a lot of people are aware of what they are and how they work. It's more than just a way to save for medical expenses, it can also be turned into another retirement account with more benefits than something like a 401k, 403b, 457, and Roth IRA.

We'll be cover topics like what an HSA is, the contribution limits for an HSA, how to supercharge your health savings account, how to make sure you're choosing the correct health insurance plan (high deductible health insurance plan), how to invest money within your HSA, a comparison of what it looks like if you invest your money vs. not investing your money, triple tax savings, tips and tricks to maximize a health savings account, mistakes to avoid with an HSA, and much more!

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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.

[JarradMorrow]

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[nameloC]

New Jersey has apparently invaded and conquered the state of South Carolina.

[sttv]

I have been using an HSA in this fashion for almost 20 years. It really does work. My HSA account has nearly $250k in it. One additional tip. There are many allowable health care expenses that you might not think about but need to track. Things like band aids, over the counter Tylenol, a thermometer, home Covid tests, neosporiin ointment for scrapes, hand sanitizer, etc are all allowed expenses. But you need receipts / documentation. There are also a few other clever maneuvers you can use if you plan well. For example, say that your doctor were to recommend that you work out at the gym 4 times per week to treat your weight, diabetes, blood pressure, depression, or back pain. You could then get your gym membership reimbursed from your HSA funds. Documentation required, but legal.

[mckinleyp]

Opened up an HSA last year and I’m kicking myself for not having had started earlier. If you’re young, don’t have dependents, and can cover the minimum deductible, OPEN up an HSA. It’s another great vehicle for building wealth.

[JeffTeeples]

I love the power of HSAs. Always trying to explain it's value to people. Well done sir!

[NateSmith]

Wow this showed up at the perfect time as my company is in the open enrollment period. I’m in my early 20s, and you may have just gained me thousands of dollars for the future with this video.

[mallardcutter]

I’ve had an HSA since they came out. I have not spent a dime of it. Restrictions prohibited me from investing for several years but since that was lifted I now have $125, 000 in it and I continue to max out my contributions for just a single and no dependents.

[vaxj]

Thank you! Your video is a must for anyone financially minded.

[JZeez]

Thank you so much for this video Jarrad, this was extremely helpful!

[amcreaken]

Intrigued by HSA, but... that was definitely not New Jersey on a map.

[rv-ollie]

Okay, youre redeemed with the NJ map. Good B-roll half way thru the video. Lol. Love your content. Keep it up.

[quicknickucf]

Thanks for the info. I didn't know I could keep my receipts for future withdraws with no expiration. Great video

[alleneverhart]

FYI: For peeps on medicare - you can claim Part B payments and IRMA against your HSA account. In 2023 PART B is $165 per month.

[BadPhD]

I'm one of the few (like you) letting my HSA pile up until I retire. It's all invested at Fidelity!!

[laurabartel]

This video was a lightbulb moment for me. Thank you thank you for this well explained video. Seriously!

[toddhatch]

Fantastic info!! Totally agree! Great additional way to save for retirement!! As a side note my current employer doesn't allow HSA funds to be invested, so I roll them over to my Fidelity HSA every 4 to 5 months or so to invest them and watch them grow!!!

[randolphh]

There are additional “medical” expenses which are HSA eligible BUT not reimbursed by insurance. These include many Over The Counter products, and some insurance premiums like Medicare part B and D, and long term care insurance. The IRS publishes a long list of eligible expenses. It is worth reading so you save all the receipts.
Also as stated, for the healthy the HDHP is usually cheaper than the regular health plan so you are also saving money on premiums, including if you have to make a partial premium payment as many employers require.
We are entering retirement with over $130k in HSA money!

[Erock]

Great video! I’ve been working in the employee benefits space, with a focus on HSAs, for 8+ years. This is the type of content needed in open enrollment meetings!!!

I’ve had multiple financial advisors tell me an HSA is the most powerful retirement vehicle out there. Take advantage of the tax benefits…especially the tax free growth!

[R]

Love it, nice video!
I find it impressive that even though there are experts / professionals at companies that work in this area, many cant explain it half as well as you!

[randy]

Thanks! This was a very thorough, well-thought out educational resource! Many thanks Jarrad!!!