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Health Savings Accounts - Basics
Manage episode 346657883 series 2907060
Innehåll tillhandahållet av Daniel W. Leonard and Dan Leonard. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Daniel W. Leonard and Dan Leonard eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
Health Savings Accounts (HSA) are great for saving for future medical expenses. This isn’t news to most people, but one thing I learned that I should have known was if you have an expense this year and you don’t use it, you don’t lose it.
You can accumulate receipts and year you are covered by a High Deductible Health Plan (HDHP)...meaning if you can afford to pay your expenses now, you can save money that will grow TRIPLE tax-free.
You can collect on your prior expenses in the future after your money has grown tax-free and not have to pay tax on that money ever.
Today I am going to cover five basics:
1) Eligibility 2) Tax Treatment 3) Accumulation 4) Decumulation 5) Portability
The average married couple will spend approximately $361,000 for health care in retirement. At today’s tax rates, if you were in the 24% Federal Tax Bracket and in California’s 9.3% State Tax bracket. Not paying tax on those distributions could save you $180,229.38 in tax, if you were to pull the money from a retirement account to pay those expenses.
Learn More on the podcast website: https://poweringyourretirement.com/2022/11/10/hsabasics
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