Health Savings Account (HSA) Explained!

Health Savings Account (HSA) Explained!

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[CharlotteIsabellaX]

What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.

[miriamstrauss]

*Love how you boil down a somewhat complex topic into a VERY easily understandable 3 minute video! You guys are legends!*

[Je.rone_]

I think the Gov't could make HSAs so much better especially for lower income people, but it seems no one quite cares about the costliness of health care

[chanelle]

I'm glad you didn't just say "Everyone is an idiot if they have a HDHP available and don't use it for the HSA".

My husband's insurance policy had an HDHP option this year for the first time. But when we ran the numbers, we found that it wasn't the best option for us. The non-HDHP offers a $900 contribution from the employer automatically to an HRA, which is enough to offset pretty much all the up front tax savings we would have gotten (we're in the 12% bracket). While the HDHP has lower premiums, there were a lot of "for sure" expenses, like prescription meds, that the HDHP didn't cover that made it more expensive of a plan. And we expect to be in a tax bracket in retirement that will make our capital gains be taxed at 0%. So there is essentially no downside (that we could find) to just put the money into a brokerage account instead of an HSA for us.

So thank you for acknowledging that it isn't the be all - end all for every situation.

[andrewkiolbasa]

You failed to mention an HSA can only be used for approved medical expenses until age 65. Then the funds can be used the same as a 401K or IRA.

[edhcb]

HSAs work out great…until they don’t. And then watch out! 😬

[djpuplex]

Works if your healthy just have a full year or twos out of pocket max that's also a key number is the spread in-between deductible and max out of pocket.

[derekp]

yeah still doing the PPO for now with the young kiddo, long term the HSA looks very attractive though

[DorothyAustria-bl]

Anderson Donald Jackson Susan Martinez Mary

[kennethnmn]

Really important question: If I will receive a pension when I retire. Which option would be better for me in the long run a 457 (Pre-tax) or a Roth IRA (Post-tax)?

[livingunashamed]

Its a secret weapon and its 100% yours!

[kvegasdirtrider]

How does it work when one spouse has HSA with high deductible plan and the other spouse has a Cadillac plan ? Can you use HSA for both spouses costs ?

[Stuie]

I wish I had an understanding of a HSA when I started working for the State 6 years ago. I was in the general default plan with higher premiums. I'm single, and in 6 years have gone to the Doctor a few times. HSA would have been great because I could have poured money into the HSA.
Since transferring to payroll and learning about this plans, I've included a little overview of what a CDHP and HSA are into our new employee onboardings. We also stress that the person should choose the plan that works best for their situation. If you see the doctor pretty frequently, or are planning on starting a family, probably not a good choice.

[EDUAROSOLAS]

Other countrys give their citizens healthcare for life. In the US, you have to save for it as part of your retirement, then spend double what other countries pay for the same care.

[JasonDouce]

Would an HSA for someone that uses their healthcare often ( sees specialist often, takes daily meds, etc ) not make sense?

[shawniehoward]

I think this is the fastest I have ever subscribed....19 seconds, saw the credentials and said I need to subscribe. Wanted more information about HSA.

[tonysanchez]

Hey so I have a domestic partner and out children on my insurance. I noticed when I added her I can now contribute the 6k into unlike before.
Is that correct or is it a fluke because we are not married

[jeffbarrett]

So should I attempt to pay expenses out of pocket for the next 25 years, save every single receipt, and do a massive expense report when I’m 65? Assuming I want to withdrawal tax free

[stevehall]

I’m 48 and retired now, currently on cobra. When the cobra is over, can I get a high deductible policy then start an hsa with after tax dollars and get a tax credit, since it wasn’t paid for with pre tax dollars?

[docb]

I wish I had access to an HSA. Alas my company's health clinic is a little too good.