90: HSAs 101, Health Savings Accounts with Evan Prokup of HSAedge

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Business, Investing

4.8 • 518 Ratings

🗓️ 3 April 2018

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Evan Prokup is the man behind HSAedge, a leading website on Health Savings Account (HSA) information. HSA are savings accounts for medical expenses which are triple tax-advantaged and allows holders to lower their cost of medical care over time. HSA contributions can be invested in a wide variety of assets and can even be used in retirement.

During the episode, Evan explains the fundamentals of Health Saving Accounts (HSA) including its aspects and benefits. He also explains the HSA triple tax advantage, eligibility, investment opportunities, and income requirements. This episode answers all the basic questions you have on HSA which helps you decide in opening up an account.

Where we are:

Sam - Nevada

Johnny - Nepal

Links:

Website - HSA Edge

Email - evan@hsaedge.com

Discussed:

ILAB 31 – The Landlord: How I Acquired 485 Properties in 12 months

Time Stamps:

04:35 – How he took interest in HSA?
05:47 – The background of HSA
07:02 – What is HSA?
09:43 – Aspects of Triple Tax Advantage
11:53 – Record Keeping
13:50 – Allowable yearly contribution
17:13 – Who is HSA eligible?
25:39 – Investment opportunities through HSA
30:28 – Qualified Medical Expense
34:30 – Socialization of medical care
37:39 – Investment options for HSA
42:24 – Income requirement for contributing to HSA
45:14 – Downsides of HSA
48:05 – Contribution dates
49:12 – Transfer to a beneficiary

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Transcript

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0:00.0	Oh, hello. Meet Optima Health, your friend for Medicaid coverage. Like any true friend, we can help make life a little easier with discounts on healthy food and gift cards for pregnancy and child checkups. We include vision and medical help 24-7. See more benefits at OptimaMedicade.com slash hello. It's time to say hello to Optima Health.
0:24.5	A health plan you can count on.
0:30.7	Welcome to the Invest Like a Boss podcast. I'm Sam Marks and I'm Johnny FD. We're self-made
0:35.5	entrepreneurs who invest our own money and use modern technology to invest like a boss. Join us each week for exclusive interviews with our
0:41.3	network of modern investors, business owners, and multimillionaires to discover new ways to invest our hard-earned
0:46.4	cash. Hey guys, this is Johnny, and welcome to episode 90 of the Invest Like a Boss podcast. I'm still out
0:53.2	here in Nepal, and I actually just got
0:55.8	down on another trek and Sam is still up in the mountains in Lake Tahoe, Nevada. Welcome to the show,
1:02.6	buddy. Welcome, man. Some of our favorite places in the world, it seems like Tahoe every year for me
1:08.5	and a new place under the Asian sky for you in Nepal. Yeah, I definitely like it. And I think in the last episode I said, I would never come back to Nepal. But I think after this last trek, I can see myself coming back here for at least maybe some shorter tracks every year. Yeah, man, I love the outdoors. Refreshing. It's a great way to cement the new year and get back to focused and routine, which I'm looking forward to doing next month in Tampa.
1:33.0	Yeah. And actually, what's really perfect for this week's episode is I met a ton of people on these tracks that had to get, you know, emergency evacuated off the mountain for altitude sickness.
1:46.1	And some of the, some of their bills were like $6,000 or more because they had to get
1:50.3	like helicoptered off.
1:52.4	And that could have been paid for by their HSA.
1:55.9	Absolutely.
1:56.6	Man, I had a horrible experience in the U.S., which we can talk about in the outro, where I ended up in the
2:02.8	emergency room in Miami about six weeks ago before I went to Brazil. Never told anyone about it.
2:09.0	Sort of an embarrassing story. But since then, I've been having bills fly in like you cannot believe,
2:14.9	bro. Like, just crazy. And I didn't know how my health insurance worked.
2:19.8	And when we did the PPR note episode, we talked about health savings accounts.
2:24.5	And it's like, you know, it's one of those subjects that's kind of like,
2:27.1	health savings accounts.
	...

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