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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

Tax Forms and Instructions

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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