What You Need to Know About Health Savings Accounts (HSAs)

What You Need to Know About Health Savings Accounts (HSAs)

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[kona]

Yes my HSA is essentially another retirement account for me. :)

[DKNY]

I wish I could give multiple thumbs up. You are the first people to discuss the possible down-sides of HSAs, with health plan differences and investment opportunities. Since they are employer partnered they can vary significantly in fees.

[genxretiree]

Took us awhile to get it but we use it as a retirement account now. We’ve hit the $1000 catch-up too age wise so we’ll be fully funding it in January. It’s another useful vehicle for tax advantaged savings.

[fferrari]

Got lucky. This coming year my company offered high deductible plan and gave the option to choose it and if you did they will put in 500 for employee plus 500 for spouse/dependent. So 1, 000 total.

HSA account is with Fidelity also.

[Michael-duxj]

Solid video as always. Not financial advice, but info I learned. I opened an HSA directly with Fidelity as not offered with employer and their HSA department rep said I'll still get pre-tax credit when I file taxes.

[ProcrastinatingWork]

Not a fan of the advice at the end. You can have multiple HSA accounts at different providers. You do not need to keep the contributions in the employer sponsored HSA. HSAs are not like your 401(k)/403(b). Like you said take the free money using your employer sponsored HSA, but you can just go right around and transfer that to a different HSA with a custodian like a Fidelity. As you stated the best reason for doing this would be more investment options. Some HSA sponsors make you hold $1, 000-$3, 000 in cash in your HSA and can only invest the money above that amount. Rolling over your HSA funds to one outside your employer sponsored one can help you avoid that as well.

[kennethwers]

How about a "Way Back" show. What is available today versus 1970's. Options. Cost. Attitudes.

[heartofamericafpv]

If you can't max out both your IRAs and HSA at a given time, should you prioritize the HSA?

[-mrputtz-]

You might want say what the min deductible is to be able to go get an HSA

[sunnyd]

I contribute to my HSA but I'm not planning on ever getting sick. 😆🤣

[DanDannyDanielleBob]

What are the real steps to doing a backdoor roth? I have some funds in an after tax 401k and the internet does not agree on if I am allowed to keep my IRA rolled in from a prior employer 401k, or roll my IRA into my current employer 401k to be able to do the roth conversion

[ncxmiami]

I am currently using Fidelity to invest in FSKAX a total market index fund with a very low expense ratio. My question is, to be able to do so i have to pay a little over $400 a month for my high deductible ($7000) health insurance plan (not offered by employer) It's one of the cheapest i could find in the marketplace. Is this price in line with other HSA out there? I am a relatively young (40s) and healthy (rarely sick and going to the doctor once a year) I am basically using it just in case of a catastrophic even that puts me in the hospital for a while (since the insurance covers 100% after those $7000) but i am not sure if i am overpaying monthly just for the chance to invest an extra $3850 a year (in 2023)

[pdxincanada]

Bizarre to me as a Canadian watching this. I do not have to consider healthcare costs in my long term plans at all.

[loganblevins]

I’m employer locked into HealthEquity but every month I do a custodian to custodian transfer out to Fidelity. Free and easy