***Lively has started charging $24 or forces you to hold a minimum of $3,000 in their HSA. Due to this change, I do NOT recommend them any longer. Please do not use this company. A Fidelity HSA is currently free at this time***
Welcome to the guide on how an HSA can change your financial life forever. In this video, we’re going to go over everything you need to know about a Health Savings Account so that you can turn it into the ultimate wealth-building machine.
We’ll be talking about what an HSA is, the contribution limits for an HSA, how to supercharge your health savings account, how to invest money within your HSA, a comparison of what it looks like if you invest your money vs. not investing your money, triple tax savings on investment income (interest), tips and tricks to maximize a health savings account, mistakes to avoid with an HSA, and much more!
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Disclaimer: This video is for entertainment purposes only. Everyone’s situation is different so do your own research before making any decisions with your money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio. Always remember that incentives determine the type of advice they give you so one that charges an hourly fee is less likely to be problematic….(read more)
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The Real TRUTH About An HSA – Health Savings Account Insane Benefits
Looking for a way to save for your healthcare expenses while enjoying some incredible benefits? Well, look no further than a Health Savings Account (HSA). This incredible tool has become increasingly popular in recent years, and for good reason. From tax advantages to long-term savings potential, an HSA offers a plethora of benefits to individuals and families alike.
First and foremost, let’s talk about the tax advantages of an HSA. Similar to a retirement account, contributions made to an HSA are tax-deductible. This means that you can deduct the amount contributed to your HSA from your taxable income, thus lowering your overall tax liability. Additionally, any earnings and interest within the HSA are tax-free as long as they are used for eligible medical expenses. This means that not only will your contributions save you money, but any growth within your HSA will be shielded from taxes, allowing your savings to grow even faster.
Another incredible benefit of an HSA is that the funds within the account roll over from year to year. Unlike a Flexible Spending Account (FSA), where you need to use the funds within the calendar year or risk losing them, an HSA allows you to accumulate savings over time. This makes it a perfect tool for long-term planning and unexpected medical expenses. No need to worry about rushing to spend your funds at the end of the year – your HSA will be there when you need it.
Not only does an HSA offer tax advantages and long-term savings potential, but it also gives you control over your healthcare decisions. Unlike traditional insurance plans, where you may be limited to certain providers or treatments, an HSA allows you the freedom to choose how and where you spend your healthcare dollars. Whether it’s alternative therapies, wellness programs, or out-of-network specialists, an HSA empowers you to make the best decisions for your health.
Let’s not forget the portability aspect of an HSA. Whether you change jobs, retire, or move to a different state, your HSA follows you wherever life takes you. This means that even if you switch to a different insurance provider, your HSA remains intact and usable. This portability gives you peace of mind and flexibility, knowing that your healthcare savings are not tied to any specific employer or insurance plan.
Lastly, an HSA offers the opportunity to invest your funds in various investment options. While this may not be suitable for everyone, for those looking to maximize their long-term savings potential, investing HSA funds can lead to significant growth over time. By investing in stocks, bonds, mutual funds, or other investment vehicles, you can potentially see your savings grow at a faster rate than a traditional savings account. This makes an HSA a powerful tool not only for immediate healthcare expenses but also for retirement planning.
In conclusion, the real truth about an HSA is that it offers insane benefits. From tax advantages to long-term savings potential and control over your healthcare decisions, an HSA empowers you to take charge of your healthcare expenses and plan for the future. Whether you’re an individual or a family, an HSA should be seriously considered as part of your financial strategy. Don’t miss out on the incredible benefits that an HSA can provide – start reaping the rewards today!
Ive been told all contributions to a hsa disappear at the end of the year if not used
This video is super helpful. Thanks so much! Signed, almost 26 year old!
What if my employer does not offer this ? They only have fsa
I don’t trust the market anymore, it’s going down hills in the long run. You can probably make some short money but then your eyes are locked in with too much anxiety. Not worth it!
You will still pay taxes even after 55 if not for medical
Your basically purchasing medical supplies ahead of time
I will never invest in something where you lose control of how you spend your money
You made this so clear thank you!
I take issue with this idea that you should spend out of pocket money on health expenses while maxing your HSA and investing it.
If you use out of pocket funds to pay for healthcare, you lose the tax benefit of putting it through your HSA first.
This may not matter if you max your HSA, but I don't think that's a great idea anyway. Doing so will result in an enormous balance, like on the order of $100k, in 20 years that you MUST ONLY use on medical expenses or face massive tax penalties. If you're going to work until you're Medicare eligible, you aren't going to need all that money in your HSA, even if you're breaking family out of pocket cost for the last 5 years.
You'd be much better off maxing out your retirement plan or IRA or opening a 529 plan for your kids (next most tax advantaged after HSA). You could even put leftovers from those into a brokerage account, which would still save a lot on taxes compared to using an HSA on non-qualified expenses.
Ive been pretty diligent with the HSA. After retiring, I moved it to Fidelity. This has proved far better than the few investment opportunities offered by my former employer. After retirement, Ive continued to fully fund the HSA and plan to do a partial contribution pn my last half-year of eligibility.
Personally, I think the sound effects are distracting. Anyways, thanks for the video.
Do i lose out if i have to contribute post tax?
I have had access to an HSA for the past 2 years, and I am maxing it out at the beginning of every year! One of the most strategic "retirement" accounts you can have!
so far I have been paying all med bills out of pocket then make the claim on my hsa. they mail me a check and I take it to the bank and use it for a principal payment on the mortgage. once that mortgage is paid off I will definitely use this as an investment account
Thank you for making a great video on this topic. I have couple of questions:
Assume i fully max my family allowed contributions to HSA account and If i pay now out of pocket all medical expenses, can i reimburse those in few years if i keep proof of purchases?
What happens to unused funds in HSA account? Can it be pass on to kids? Will it become taxable to them?
TIA
I put max contribution in hsa for 2 years straight. family keeps using it for health care until it goes back to zero, insane right? that's why it's packaged with a high deductible plan, to get you to pay for things instead of the insurance company.
This was awesome! Thank you!
The problem with some of these videos is the audience is for millennials who are still young. Older folks need to use their HSA for medical expenses now….. health issues start showing up in the 40s.
I was just talking about this with a friend of mine and it's a great idea. I always try to get the health insurance with the lowest deductible but then my health insurance would be considered income and then it would be taxed as so. As I'm paying an extremely high rate for an individual My deductible is only $500. I want to reduce the premium and raise the deductible and use my health savings account as it's intended with the added benefit of tax-free money.
I don't like all your video game noises. Makes it hard to listen to for me anyway.
I though you were not able to tranfer the amount of your HSA? Of you dont ise it – its gone??