Why a Health Savings Account Can Be a Powerful Tool

When you think about saving for retirement, company retirement plans or IRAs probably come to mind. But there’s another option that people often overlook but using it alongside those traditional accounts could provide some great benefits. Today we’re going to tell you more about the potential of Health Savings Accounts (HSAs) for retirement planning.

In this episode, we’ll take a closer look at the eligibility criteria and the unique triple tax advantage that HSAs offer, emphasizing how they can serve not just immediate healthcare needs but also as a strategic asset for future financial well-being. Wade shares his expertise on how to maximize HSA contributions, highlighting the ways these accounts can complement your retirement savings and the significance of early investment. Our discussion will also let you in on the lesser-known tactics of using non-HSA funds for healthcare costs, allowing your HSA balance to flourish and become a robust nest egg for your golden years.

For this week’s Kingdom Minute, Wade will tie in his favorite movie, Scrooge, in a holiday-themed financial message.

 

Here’s some of what we discuss in this episode:

• An explanation of how the HSA works and the contribution limits for individuals and families.
• Why we sometimes refer to these HSAs as super IRAs.
• Any HSA qualifying expense can be reimbursed at any point down the road.
• The a few examples of unexpected expenses that qualify.

 

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.