Back in Episode 80 I talked about Health Savings Accounts in conjunction with some high deductible health insurance plans through the Affordable Care Act. An HSA is a great idea if you have one of these plans.
However, since I have been talking about retirement planning and saving lately, I wanted to revisit this great savings option, as these accounts can serve two purposes: protect you from medial costs in a high deductible health plan and help you save for retirement at the same time. Find out how in this episode!
In this episode you will learn:
- What an HSA is
- The pros and cons of having one
- Who can set one up
- Who can contribute to one (and how much)
- How an HSA helps with retirement planning
- Is one right for you?
But to learn the most, talk to the HR person with your employer and/or a financial professional to get the right advice for you.
Links & Resources
- Blue Cross and Blue Shield of Minnesota
- IRS Publication 502, Medical and Dental Expenses
- Pros & Cons of HSAs (Investopedia)
- The Best Way to Use an HSA (CNBC)
- Mayo Clinic (Is an HSA Right for You)
- Things You're Wasting Money On (CNN)
If you enjoyed this episode, you might also like:
- Episode 80: Health Savings Accounts and the Affordable Care Act
- Episode 126: Tips on Saving Money on Car Insurance
- Episode 122: Tips for Saving on Your Utility Bills
- Episode 118: Tips for Saving Money on Your Cell Phone Bill
- Episoed 114: Hot Tips for Cutting the Cord