The Real TRUTH About An HSA - Health Savings Account Insane Benefits

You missed what I think is the biggest benefit of an HSA. The law allows you to pay from your pocket and then take a qualified distribution from an HSA to refund that medical expense, but the law does not require you to remove the money from the HSA in the same year as the expense was incurred. So, if you keep your receipts, then after 30 years of growth, you can simply withdraw all your medical expenses over those 30 years from your HSA as a qualified distribution.

Exactly what I was looking for. just gained a sub!

Did I miss on the part on how to withdraw money for non_medical reasons.? Do I have to wait until I am 65 to pull out money for non medical expenses? So how does the IRS know I used it for medical versus non medical expenses? Do I have to send irs receipts???! Did I miss something in this 20 min vid.

You have to consider the fact that if you pay your out of pocket medical bills without hsa then your paying with after tax income. So that would be almost double the amount of the hsa

Not paying medical expenses with HSA is awful advice. Invest the extra money in stocks and use your HSA as no tax money. You’re losing 30% or so if you buy cash vs HSA. Horrible advice

I cant find this answer anywhere on the internet. I had a high deductable plan so i opened an hsa account. But i dont habe the high delectable account any more. Can i continue to contribute to my existing hsa?

Please explain what I'm missing. I would be out $600 in your example. 300 is in the HSA pretax but the other 300 comes out of my pocket after tax, immediately. I don't get to pay that $150+k after my money has grown, I have to pay it along the way. HSA still rocks, but was the month to month reality actually addressed?

My hsa is different I need to use it within a year because they will rollover 500 only the next year 😢

The thing is tho my PPO is great. I pay $80 a month for a premium and get 90% coverage and a deductible of 500. Max out of pocket is 1000. Is HSA still worth it here?

Can you pull money out to buy a house?

I’m a little bit confused I’ll check again but I was reading about HSA for my benefits with my work and it was basically saying if you don’t use the funds then you lose the money

I'm in South Dakota. Im in the process of getting a high deductible health insurance plan, so I'll get to contribute to an HSA.
Question: am I able to make a portion of it cash? If I use up the cash portion in it, can I automatically make new contributions cash until there's enough for my deductible/max out-of-pocket?

Does coinsurance count as a medical expense for HSA?

Are medical bills tax deductible?

I need an after tax hsa video…my employer doesn’t have a pretax hsa

The worst custodian for HSA funds is HSA Bank. Absolutely horrible platform. Moving everything to Fidelity.

Great Video! What happens if divorced parents cover the kids separately? Parent 1 employers offers HMO only. Parent 2 employer offers HSA only.

Jarrad I'm doing EXACTLY what you are doing. Max it out every year plus 55 age catch up. Then invest it in a fidelity S & P 500 index fund. Won't need to touch it.

How is an HSA beneficial to me if I’m a retired Veteran with a 100% VA disability rating?

i try to find the answer but google seem to don't give me the answer i want and the question i have is that the HSA account work like a saving account so if i withdraw the money for example i have 100k in my HSA account and now i withdraw it and put it in my checking account so do it tax free like the normal saving account or it will count as income and get tax hope you answer

Funny stuff. 63% of America can't afford a 1000 dollar emergency expense.

What percentage of Americans can afford to essentially pay double for medical bills under the assumption they'll live to 65. Rofl.

Who needs this advice? A tiny subset of high earning but stupid people who don't have good employer insurance or choose to take a HDHP over a real medical plan to hide some investment income

I mean you explained it well, but it’s still a big no for me 🤷🏻‍♂️

They should teach this in High School.

My employer contributes a lot. I put in 75 a month and they put in 150. So im saving 225 a month. It may not be a lot, but were in our early 30's and hardly go to the doctor so itll add up quick

Question:
Are you able to have HSA with fidelity 50% for investment purposes and 50% for health coverage?

That means you don't really need a lot of medical expense. For a family with kids that need to see providers regularly, it seems not a good choice

I realized that my health insurance I was paying for was $150 a paycheck - the HDHP option with an HSA was around $100. I started putting that $50 difference into HSA. 5 years later I have $11k+ in HSA (employer $1500 deposit per year helps) which makes me wish I had switched over even sooner.

Your charges are higher on these plans. I still have a pre ADA plan. Trust me, you're being screwed. Your charges are at least 3 times higher and I pay the exact same premium price as I can get through my employer. I paid $800 for an outpatient procedure, and the same procedure with the High deductible HSA would have been $2800.

This is like driving a nail with a screwdriver.

Well don't do this BEFORE you max out your ROTH.

Figures my plan is on the high end of deductible and out of pocket max. I laugh😅every time people say they insist on you needing your deductible covered bc my deductible is higher than I'm allowed to put in for the year.

Every company I've ever worked for HSA money doesn't carry over year to year. You either use it or you lose it each year.

Holy sound effects. SO distracting

I live in Utah... I have an HSA 💪🏼

idk if i make enough money for this

If you haven’t maxed out your roth ira and 401k this video is useless

Would like a video on FSA or the differences between the HSA and FSA :) I have a FSA at my employer..

The REAL question is; can you use these funds to invest in real estate or do some lending??? Why does everyone's mind immediately correlate 'investing' with the stock market?

The ping sounds when there are popups on the screen are very distracting from what you're saying. Just wanted you to know. Otherwise, great info!

My employer requires the HSA to be spent by December 31st every year. Its use it or lose it.

Benefits are bs this days😂

How about a negative return 😂. I think is a catch 22 this is assuming your money grows but you could lose all the money and still not get any money for medical bills worse case scenario

I have an HSA thru work, but they told me if you don’t use all of your contributions during the year, you loose them and the HSA company keeps them, so you need to know pretty much how much your medical bills are going to be, so you don’t loose any left over money, which by the way is not right. My son works for Fidelity great company! Thanks for the information!

Stay in shape, eat right, and avoid anything from the government

I always try to max out my HSA but my HDHI eats it up. Thanks George W. Bush for helping making this possible, health insurance companies really need the financial help.

I checked my HSA and realized there is $7200 in it. Can I cash out? And is a 20% tax accurate?

If I have money put into an HSA thru employer and don't touch it, is it invested automatically? That's where I'm lost. Help!!!

So, do All HSA accounts pay interest? I'm a lil confused, I have Optum Financial through United healthcare. starting to do more research, TIA