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156 - Benefits of Health Savings Accounts and How to Maximize Their Impact
Description
Scott and James discuss the benefits of Health Savings Accounts and how to maximize their impact.
Planning Points Discussed
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Listener Question:
My question is around HSA's. Am I really missing out by not investing in this? I understand the power of tax advantage accounts, but to me having all that money that can only be used for specific things feels very limiting. Plus all the extra work of needing to track these expenses, etc.
Is that trade off really worth it, or am I fine if I'm maxing out IRA's (no 401k atm) and adding to taxable accounts.
Timestamps:
2:26- HSA Overview
5:16 - Tax Benefits
9:36 - HSA or FSA
12:54 - Expense Tracking
15:54- Required Distributions
18:30 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott
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