4 HSA Hacks That Will Supercharge Your Wealth

A Health Savings Account is an incredibly powerful way to supercharge your retirement wealth. The triple tax advantage of HSAs is hard to ignore, and in this video, we'll show you 4 easy ways to put your HSA on steroids. We go over the important tax benefits and investment options. Don't miss out on this smart saving strategy!

Here is a list from Health Equity of Qualified Medical Expenses (QME):

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This video is NOT sponsored.

The Retirement Nerds is the no-cost educational platform and serves to offer information around Medicare, Social Security, Financial Planning, and Estate Planning.

⏰ TIME CODES ⏰
0:00 Intro
0:19 HSA Basics
0:49 Triple Tax Advantage
2:13 4 HSA Hacks
9:17 Medicare & HSAs
13:07 Wrapping Up

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#finance #healthsavingsaccount #HSA #90daysfromretirement

Federal Disclaimer:

[Theretirementnerds]

*Bonus Hack #5!* - To help document the receipts over the course of your life, take a picture, and email it to yourself with the Subject line: Healthcare Expense + The Year it occurred.

[Paul-GrnHil]

Great content. I had an HSA account as soon as it was offered by my employer for the last 14 years of my career. I maxed the contributions and only took out one reimbursement for an emergency surgery. I kept $3000 in cash to avoid annual account fees and invested the rest. Since I retired 2 years ago, I have been reimbursing my historical pre retirement medical expenses, as well as current expenses and the account balance is large enough that it still earns more than my withdrawals. It almost feels like my wife and I have free retirement medical because all of our current medical bills are being paid from this account and not from my taxable IRA withdrawals.

[rickarmstrong]

Another possibility many people don't know about is that you get a once in a lifetime ability to fund your HSA from your IRA without paying taxes on the IRA withdrawal as long as you move the money directly from the IRA to the HSA. Again this is only once in a lifetime.

[toystoryyeselliotmooseno]

I have invested my contributions in my HSA account and have never spent out of it. I currently have 100k balance and will soon switch to dividend stocks to generate enough to cover all medical expenses without touching my principal amount.

[UnconventionalThinker]

Great video! One thing I've done is pay all medical bills on credit to snag 2% cash back, just to increase that dollar all the more

[ConstanceMills-twzi]

The breakdown of Medicare timelines and HSA contributions is super helpful. It's one of those things you might not think about until it's too late. I faced a lot of issues during that transition

[ziggy]

Tax advantage #4: if you contribute to an HSA through a qualified cafeteria style payroll deduction, that money is not only shielded from state and federal income taxes, but also from payroll taxes like Social Security and Medicare.

In that situation it is a quadruple tax advantage.

[mdsloads]

Yes. Was also told hsa are not investable. I finally woke up and smelled the coffee and moved it into a fidelity account and did it myself.

[LarsonFamilyFarm-LLC]

Best HSA commentary I've ever heard..nailed it.

[susxkqp]

ADDED BONUS - You can also withdraw from your HSA without the penalty after age 65 for NON-MEDIAL EXPENSES, but you would be taxed at your regular rate.

[Erock]

Solid video! I've been in the employee benefits space for the past 8 years, with a big focus on HSAs. This video should be shown at open enrollment meetings! There's such a gap in HSA education, with a large amount of account holders just sitting on cash. A financial advisor I partner with once told me 'an HSA is the most powerful investment vehicle out there.' Thank you for putting this together.

[iShootWild]

This guy is so good! Never heard somebody explained HSA or any health/financial related topic so well! Thank you for sharing this knowledge!!!

[gstrainscoming]

As someone has started a HSA, I love the concept. However, medical costs have skyrocketed. In the case of an emergency, nevermind if you have kids, one feels a bit exposed with a high deductible health plan.

[SD-coxe]

I wish I had started earlier but I've managed to save quite a bit in my HSA. All invested in low cost index funds.

[mikeb]

I feel lucky any year I don't max our deductible. Seems to be every other year. $400 goes in every month, $400 goes right back out. At least I get one of the tax advantages.

[adamwoodcreations]

Never realized how powerful HSA. Starting a new job soon and will max out HSA with the pay increase I'm expecting to receive. Thank you for sharing all of this info

[timinator]

Uninvested cash in a fidelity HSA account earns market interest rate, which is about 5% currently.

[GeronimoFly]

WHAT??!!?? You can reimburse yourself? I had no idea! I wish I'd seen this video 20 years ago! I just sent to my kids so at least they can take advantage of this excellent information. Thank you!

[granitemoss]

If you qualify, you can open a self-directed HSA with a brokerage firm. You're not out of luck if your employer does not offer one.

[eddie]

I think these types of videos convinced me to switch from a PPO to a HDHP for next year.