Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • HSA contributions for 2025 are capped at $4,300 for self-only and $8,550 for family coverage, with a $1,000 catch-up for those age 55 and over. • Eligibility requires coverage under a High-Deductible Health Plan (HDHP) and you cannot be enrolled in Medicare or be claimed as a dependent. • HSAs offer a triple tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. • Using HSA funds for non-qualified expenses before age 65 results in the distribution being taxed as ordinary income plus a 20% penalty. • The 20% penalty on non-qualified distributions is waived if the account holder is age 65 or older, becomes disabled, or dies. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep