HSA Opportunities & Moves to Consider Before April 15th

Spring has sprung, pollen is in the air, and we are in the middle of college basketball March Madness! With tax season also approaching, Don and Marc are here to talk about Health Savings Accounts (HSAs) and the wealth of opportunities they can provide for savers and investors. Listen in as they share some benefits of contributing to an HSA, including significant tax deductions and tax-free withdrawals for qualified medical expenses.

 

Here’s some of what we discuss in this episode:

• How HSAs work + a little history
• The difference between the HSA-eligible health plan and the health savings account
• The tax benefits an HSA offers + some potential downsides to consider
• The nuances of HSAs for individuals over 65 + strategic approaches for managing HSA funds post-retirement
• Considering HSA depletion rules + keeping proper records

 

Resources:

IRS Rules for HSAs – Publication 969 

https://www.irs.gov/publications/p969

 

HSA benefits that may surprise you –

https://irahelp.com/slottreport/hsa-benefits-may-surprise-you/

 

5 HSA rules you need to know –

https://irahelp.com/slottreport/5-hsa-rules-you-need-know/

 

Get the most out of your HSA – Wall Street Journal –

https://www.wsj.com/buyside/personal-finance/what-is-an-hsa-dff3eb55?st=rxd75zyho7lfd45&reflink=desktopwebshare_permalink

 

Get in touch with Don and learn more: https://doncashpodcast.com/