Ep 52: Should I change my health insurance to get access to the HSA?

This week I’m answering a killer question from listener Adam Weber: “Should I change my health insurance plan just to gain access to an HSA—even if my current coverage is better?”

 

It’s a loaded one, and in this episode, I break it all the way down: how HSAs work, what “high deductible health plans” really mean, when it makes sense to make the switch, and why the HSA might be the most powerful financial tool nobody’s talking about.

 

Whether you’re W-2, self-employed, or managing family health expenses, this is a must-listen if you want to optimize both your coverage and your long-term wealth.

 

Key Talking Points of the Episode

 

00:00 Introduction

01:46 What is an HSA and how do you qualify?

02:44 W-2 vs. self-employed: setting up your HSA

04:24 Factors to consider before choosing an HSA

05:48 How to compare plans: premiums, deductibles & out-of-pocket max

06:23 High deductible health plans vs. traditional plans

08:47 Situations where switching to a high deductible plan makes sense

10:40 How your employer HSA works and why you can switch providers

12:31 The real purpose of an HSA

13:52 Pre-tax adjustment

15:11 Growing your investment interest and tax free

16:13 Tax-free withdrawals

18:37 Investing your money in the HSA

20:26 Tax-free medical reimbursements

22:15 Retirement benefit

24:10 Final verdict: When switching insurance for the HSA is worth it

 

Quotables

 

“The HSA is literally the best financial tool out there. The government was drunk when they made it because it’s that good.”

 

“Use a high deductible health plan to access the HSA, and you’ve got a wealth-building machine.”

 

“Just because a plan is labeled ‘better’ doesn’t mean it’s better for your long-term wealth strategy.”

 

Links

 

Budgetdog

https://budgetdog.com