One Thing Today: Understanding Medical Expense Accounts

EPISODE SUMMARY: 

A side of your health and well-being that may be top-of-mind is health costs and how to save for or manage them. Health insurance can play a part, but there are other financial tools that could be available to you. Author, podcast host and financial influencer Michela Allocca from “Break Your Budget” joins the conversation to break down a common, yet often underutilized, benefit for managing health costs—medical expense accounts. While you may be familiar with HSAs and FSAs, a recent survey* found roughly one-third of Americans who were eligible for an HSA did not have one. And, of those who did, roughly half had not contributed in the last year. We’ll talk about how these accounts can help you—and your loved ones—save money on health care costs.

*Journal of the American Medical Association (JAMA)

GUEST:

Michela Allocca, founder of online personal finance platform “Break Your Budget,” author, entrepreneur, and financial analyst 

RESOURCES:

Medical Expense Eligibility Tool

Health savings accounts (HSAs) (optumbank.com)

What are medical expense accounts? | Optum

11 Surprising Things You Can Buy With HSA or FSA Dollars | Optum

Home (breakyourbudget.com)

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