Episode 40

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Published on:

1st Aug 2021

What’s an Health Savings Account (HSA) and Why Should I Consider It? | E40 Sean Mullaney

In our last episode, we covered so much material about taxes including terminology, the US tax system, and retirement accounts. One topic that came up but we didn’t get to discuss extensively was Health Savings Accounts or HSA.

I was going to let this go as I always have an endless list of topics I wish I could have covered with my guests but both Sean and I agreed HSAs were too important of a topic to be left unturned. So Sean agreed to come back on and share more of his knowledge.

A high deductible health plan paired with a HSA can be a great option to consider for young adults with minimal medical issues.

This episode is packed with a ton of information including what an HSA is, how to identify if you’re a candidate for a high deductible health plan, the mechanics of how an HSA works, and how HSAs can be used as a retirement account.

Reminder that this discussion is general and educational in nature and does not constitute tax, investment, legal, or financial advice with respect to any particular individual or taxpayer. Please consult your own advisors regarding your own unique situation.

 

Key Takeaways:

[2:32] What is an HSA and who qualifies

[9:46] Is a HDHP for me?

[15:12] What’s a qualified medical expense?

 

Favorite Quotes:

[7:50] “A HDHP is not optimal medical insurance coverage for every person but for a lot of young folks, it can work really well.”

[18:48] “There is no time limit on reimbursing yourself out of your HSA for your old medical expenses.”

 

Mentions:

IRS Publication 502: https://www.irs.gov/forms-pubs/about-publication-502

 

More of Sean:

www.FITaxGuy.com

www.mullaneyfinancial.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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FI Minded: Achieve Financial Independence & Have Fun Doing It
Achieve Financial Independence & Have Fun Doing It
Want to achieve financial independence without missing out on the fun?

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Whether you’re just starting to think about financial independence or already deep into the process, FI Minded gives you the tools and inspiration to make FI a reality - without giving up the things you love.

Each episode, we’ll cover topics like:
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*Fighting Burnout: Balancing saving for your future while staying mentally healthy.

Some of our past guests include:
Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Jill Sirianni (Frugal Friends), Jacking Cummings-Koski (Catching Up to FI), Jesse Cramer (Personal Finance for Long-Term Investors), Diania Merriam (Optimal Finance Daily), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Joel Larsgaard (How to Money), Erin Lowry (Broke Millennial).
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