finances can be complicated but they don't have to be i break down financial topics that may seem

complex and overwhelming so you can start taking action on your financial goals i'm a

tally and it all starts here on Personal Finance Redefined.

Hello everyone and welcome back to another episode.

Today's episode is all about health savings accounts and flexible savings accounts.

So after you paid down any debt, you've funded your emergency fund and now you've begun

investing.

It's a great spot to look into a health

savings account or a flexible savings account, it might make a ton of sense. So first, let's

look at what are they? Why would you want one? And what are the benefits? So an HSA is not your typical

savings account. In fact, they're not available to everyone. They're only available

to those who have a high deductible health plan. The minimum deductible to qualify for the chance

to invest in an HSA is $1,400 for an individual and $2,800 for a family. So, Ari, why should I be

looking into this? Well, when you withdraw funds for

qualified medical expenses, you don't have to pay taxes. So that's right. Your money can

grow tax-free and when you withdraw the funds, you don't pay taxes. So they go in tax-free,

they grow tax-free, and they come out tax-free.

If you're listening right now and you're enrolled in Medicare, you can no longer contribute,

but you can withdraw from it for other expenses with no penalty tax.

So in a previous episode, I gave an example of why we invest in special types of accounts like

Roth IRAs, IRAs, 401ks, and the reason is because

we receive preferential tax treatment. If you had invested $10,000, just hypothetically speaking,

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