How to Maximize Your Health Savings Account (HSA) Benefits

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.6 • 1.8K Ratings

🗓️ 19 October 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

I’ll review how to know if your health plan qualifies for an HSA and strategies to maximize its benefits.

Transcript

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0:00.0	Caught yet S says, I've been investigating HSAs and found that you must have a high
0:10.9	deductible health plan, or HDHP, with maximum out-of-pocket expenses of $7,050 to qualify.
0:20.0	For the past few years, my policy has had a deductible and out-of-pocket max of $8,150,
0:28.1	making it ineligible for an HSA. I never reach my deductible because I don't visit
0:33.6	doctors much, but if I switch to an HDHP that's HSA approved, my premium would go up over
0:41.4	$800 a year. How can I know if paying more for a health plan that qualifies for an HSA would
0:48.7	be worthwhile? Caught yet, thank you so much for the great question. I'm sure many people
0:54.8	in the Money Girl audience are wondering the exact same thing. And in this episode, I'm going
1:00.2	to give you an answer. Plus, I'll review how to know if your health plan qualifies for an HSA
1:06.2	and strategies to maximize its benefits. Hey friends, and thanks for joining me this week.
1:12.3	My name is Laura Adams, and I'm a personal finance expert who's been hosting the Money Girl
1:17.2	podcast since 2008. And I'm also the author of several books, including my most recent title,
1:23.8	which was an Amazon number one new release called Money Smart Solo Pranur, a personal finance
1:30.2	system for freelancers, entrepreneurs, and side hustlers. Check it out if you're building a
1:35.7	business or you just want to earn more income. Grab a copy of the paperback, ebook, or audio book
1:42.7	anywhere books are sold today. And if you want to connect with me on social media, I would love it.
1:48.8	I'm on Twitter at Laura Adams, L-A-U-R-A-D-A-M-S, or Instagram at Laura D-Adams.
1:57.6	And Laura D-Adams.com is my personal site where you can use my contact page and learn more about
2:03.6	my work, books, and money courses. My mission here is pretty simple. It's to help you get the
2:09.1	knowledge and motivation to prioritize your finances, build lots of wealth, and have more security
2:16.0	and less stress. If you're enjoying money, girl, please take a moment to let us know. And you
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