There’s a common vocabulary that we hear over and over again – invest in your 401(k), IRA, Roth for retirement – which of course is a good thing, but we don’t talk a lot about a special savings account that can tandem a high-deductible health insurance plan called a Health SavingsAccount, or HSA. This account has some super special secret powers that can benefit you now and in the future.
What You’ll Learn
You’ll learn enough about Health Savings accounts to figure out if it works for you and to impress your friends at a dinner party!
- Did you know there’s a type of savings account that has a triple tax advantage? Pretax contributions go in, interest and investment earnings build up tax-free, and withdrawals for qualified health care expenses are also tax-free in your HSA
- What type of health insurance plan you need to be eligible for an HSA
- We’ll talk about the three magical ways you can use your HSA account to help you both now and during retirement (including some sneaky tricks)
- Deep dive into the benefits of investing in an HSA vs. your 401(k) – and what are some of the cons to be aware of
- What counts as a qualified health care expense with your HSA account
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Shannah Compton Game is a Money Wellness expert, host of the to-rated Millennial Money podcast, and CERTIFIED FINANCIAL PLANNER with an MBA. Millennial Money has over 15 million downloads in 164 countries. Shannah’s years of experience as a skilled Certified Financial Planner have set her on a mission to revolutionize how people think, act, and feel about their finances…and have some fun doing so.