Health Savings Account: Your Tax-Free Medical Money Machine!

Key Takeaways:

1. Triple Tax Win!: HSAs are awesome because you don’t pay taxes when you put money in, let it grow, or take it out for medical expenses. That’s like winning three times with one account!
2. Covers More Than You Think: You can use your HSA money for way more than just doctor visits. Need to make your bathroom safer or install ramps at home for medical reasons? That might count, too!
3. Not All Insurance Plans Qualify: Before opening an HSA, your health insurance has to be a high-deductible health plan. That just means you pay more out-of-pocket before insurance helps — and not every plan lets you use an HSA.
4. Keep Your Receipts!: If you use HSA money, you need proof it was for a real medical expense. That way, if the government ever checks, you’re ready.
5. Talk to the Money Pros: A financial planner or a CPA (a money and tax expert) can help you get the most out of your HSA and make sure you’re doing it right.

Chapters:

Timestamp Summary

0:00 Using HSAs for Tax-Free Medical Marijuana Purchases

1:06 Understanding HSAs and Their Tax Benefits

2:57 Maximizing HSA Benefits for Medical Expenses in Retirement

5:37 Maximizing Retirement Savings Through Medical Expense Planning

6:55 Maximizing Health Savings Accounts for Medical and Wellness Expenses

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.