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🗓️ 20 August 2021
⏱️ 3 minutes
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0:00.0 | you're listening to ramsy everyday millionaires where we talk retirement building wealth and outrageous generosity |
0:12.0 | anders and rock hill south Carolina hey Andrew what's up hey Dave two calls from south Carolina back to back there we go |
0:20.0 | I've got a hsa account through my employer and every year they contribute three hundred dollars |
0:26.0 | sector week complete some steps for that as employees I'd like to take the money from my hsa though about forty five hundred |
0:33.0 | dollars and put it into a health savings brokerage account what is the best way to do that without triggering all kinds of |
0:41.0 | extra suspicion from the IRS we endorse a company and I use them personally called health equity that does just |
0:49.0 | quickly that and they they handle all of our hsa's here at ramsy I've got my personal hsa in there look those guys up |
0:56.0 | and um there's no triggering it's not a problem at all it's a very standard transaction it's not an audit flag |
1:03.0 | or anything like that and uh mine are invested in good mutual funds I started an hsa when George bush first put them |
1:10.0 | in place a thousand years ago and I've done them every single year and I've never taken a dime out and so it's in |
1:16.0 | a growing completely tax deferred tax-free and guess what uh it basically is an additional retirement account for me |
1:24.0 | because I don't use it so moving money from one because my employer only contributes to their preferred bank but moving money from that bank to |
1:34.0 | for example health equity solutions is not going to is not going to finish any issues there we've never seen it do that no I don't |
1:42.0 | reasonably would it would be like just rolling over an IRA or something that doesn't trigger an audit it doesn't it's not a it's not a |
1:48.0 | suspicious thing because it's just very often done where people have large amounts of money I mean my hsa's got several hundred |
1:54.0 | thousand dollars in and now and um you know because I've just put I fully funded every year to keep the government's hands off the taxes |
2:01.0 | and then I'd never use it I just whatever medical we've had out of pocket we just paid it and um I'd rather have that money |
2:09.0 | growing with no taxes or tax deferred on it and so that's again and I pick just good mutual funds in that just like I did in a 401k or a |
2:17.0 | Roth IRA are you using the hsa here and we do the same we did the same way we just pay medical out of pocket and just let it grow |
2:25.0 | yeah and you've got health equity of course as well so you can pick mutual funds with it same thing same exact thing very good yeah |
2:32.0 | so the hsa the savings portion of the health savings account is what we're discussing here the insurance portion is basically a |
2:42.0 | high deductible health insurance plan that gives you much cheaper premium and you cannot fund the savings account if you if you're not in a |
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