Money Meets Medicine Podcast
MMM #44: All About HSAs
Have you thought about getting a Health Savings Account? Do you have no idea where to start or what to do? Confused with different options?
What You’ll Learn:
In this weeks episodes of Money Meets Medicine, “All About HSAs,” you’re going to learn…
- All of the ins and out of HSAs
- The difference between HSAs and FSAs.
- How the CARES Act impacts your HSA.
- All the stuff you need to know about how the IRS impacts this stuff.
- And more!
Quotes To Remember
“You get that basically nice deduction in the beginning when you contribute the money, just like your IRA, it grows tax-free, on both settings it grows tax-free. And then like the Roth, it comes out tax-free.”
“FSA, very simple. Use it, lose it. You can carry $500, or technically the employer has the ability to say up to two-and-a-half months of a leeway or grace period, if you will.”
“I think this is probably for a lot of people, they’re like, “All right. Well, I decided that I got an HSA. I have an HSA. How should I use it?” So we talked about saving receipts, and we talked about using it as healthcare expenses come in.”
Resources from the Episode:
Health Savings Account (HSA): Everything You Need to Know
Listener Question of the Week:
Today’s listener question comes from Mo Efaz who asks,
“As a high income W-2 what tax advantages can you take?”
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email [email protected] or [email protected]
TPP
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Last week, we shared why human behavior matters for our financial lives by taking a look at the first 5 out of 10 psychological phenomena that can (and do) affect your personal finance goals: greed, fear, ego/overconfidence, loss aversion, and analysis paralysis.
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Information is one thing – behavior is another.
As the saying goes, money is 80% behavior and only 20% math.
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How Doctors Can Get Good Financial Advice
Many doctors and high-income professionals hire financial advisors for any number of reasons. Either they’re too busy to handle their finances themselves, they don’t really know how to invest, or they want an expert on their side to make sure they’re on the right track.
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There’s no shame in asking for help – you just want to get the help you need at a fair price.
You should be equipped enough to vet and evaluate your financial advisor so you’ll know whether they’re working well on your behalf. How can you be as confident as possible they’re acting in your best interest? This episode will help you find out.
Are you ready to live a life you love?
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