In this podcast episode Jason explores why the Health Savings Account is one of the best retirement planning accounts.
In summary an HSA is one of the best but most overlooked retirement plans available. They are best for people who do not have a lot of health care costs every year and have the money to make the maximum contributions to an HSA. You enjoy lower health insurance expenses compared to a low deductible plan, You get tax deductions for contributions, tax free growth, easy access to the money, investment opportunities for long term growth and a plan to cover health related expenses in retirement, NO RMD, and after age 65 you can access to the money for non medical expense without the 20% penalty.
If you do not currently have an HSA I highly recommend you visit episode 352 to start to review all of the resources and links I’ve made available for your review.
An Health Savings Account or HSA is one of the best but most overlooked retirement plans available. They are best for people who do not have a lot of health care costs every year and have the money to make the maximum contributions to an HSA. You enjoy lower health insurance expenses compared to a low deductible plan, You get tax deductions for contributions, tax free growth, easy access to the money, investment opportunities for long term growth and a plan to cover health related expenses in retirement, No RMD, and after age 65 you can access to the money for non medical expense without the 20% penalty.
Resources And Links Mentioned In This Episode:
HRA vs HSA Which Is Better
Should You Rollover An IRA To An HSA
Don’t Overlook HSA Beneficiary Designations
What Are The Rules For Inheriting An HSA
The 4 Easiest Things To Leave To Charity
Can You Have More Than One HSA
HSA Distributions
2021 HSA Contributions Limits Have Been Announced
The Deductibility Of HSA Contributions
Using an HSA To Pay Medicare Premiums
How Your HSA Can Reimburse You For Medicare Premiums Paid
Morningstar – The Top HSA Providers of 2020
IRS Publication 590 – How To Qualify For An HSA
How To Plan For Rising Health Care Costs
Washington Health Plan Finder – Browse And Compare Plans
Can Spouses Who Work For The Same Company Both Contribute To A Joint HSA Via Payroll Deduction
HSA Planning When Both Spouses Have A High-Deductible Health Plan
Health Savings Accounts Were Created In 2003
G.O.P Seeks To Expand Health Care, But With A Catch
5 Ways HSA’s Can Fortify Your Retirement
There Is No Deadline For HSA Reimbursements
High-Deductible Health Plan Enrollment
IRS Publication 502 Medical And Dental Expenses
HSA Excess Contributions
Your Part A coverage will go back (retroactively) 6 months from when you sign up, but no earlier than the first month you’re eligible for Medicare.
When Medicare Part A is Backdated 6 months and Health Savings Account Excess Contributions
Medicare’s Tricky Rules on HSA’s after age 65
The TOP HSA Providers
Fidelity
Lively
Health Equity
The HSA Authority