The Amazing Financial Benefits of HSAs and FSAs | Rida Wong

Everyone's Talkin' Money

Shari Rash

Business, Self-improvement, Education

4.6 • 631 Ratings

🗓️ 28 May 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

FSAs and HSAs have been a hot topic in recent months due to multiple legislative changes regarding deadlines and product eligibility. All of these changes have the potential to impact you if you don't fully understand them. Let’s get in the know with Rida Wong, President of Health-E Commerce, and understand the amazing financial benefits of HSAs and FSAs. Get this -More than 70 million Americans are currently enrolled in a flexible spending account (FSA) or health savings account (HSA) which can help them save money on taxes every year and pay for healthcare expenses now and in retirement (for HSAs). Now, just like flavors of ice cream, HSAs and FSAs have some things in common and some things that differ. Once you’re in the know, you can choose what flavor of tax-advantaged account works for you. But what I love about each of these is the ability to use those tax-advantaged dollars (think of it like buying stuff at wholesale prices) for everyday purchases like band-aids, over-the-counter allergy meds, makeup wipes, lotion, and so much more. Our guest Rida is going to demystify it all. Links FSAstore.com http://www.fsastore.com HSAstore.com http://www.hsastore.com WellDeservedHealth.com http://www.welldeservedhealth.com Episode Sponsors Try Warby Parker’s free Home Try-On program: Order 5 pairs of glasses to try at home for free for 5 days – there’s no obligation to buy! Ships free and includes a pre-paid return shipping label at warbyparker.com/mymoney. Try EveryPlate for just $1.99 per meal plus an additional 20% off your next 2 boxes by going to EveryPlate.com and entering code MYMONEY199 http://www.everyplate.com. FOLLOW & SHARE Want to be the first to know when new episodes are released – bit.ly/millennial-money. Sign up for my weekly Let’s Talk Money email newsletter http://bit.ly/mmptalkmoney. ASK SHANNAH Have an Ask Shannah question, submit it here https://www.mmoneypodcast.com/contact-me/ GET SOCIAL Shannah on Twitter https://twitter.com/shannahgame Shannah on Instagram https://www.instagram.com/shannahgame/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	FSAs and HSAs are like having your cake and eating it too.
0:04.6	And they have been a hot topic in recent months due to legislative changes regarding deadlines and product eligibility.
0:11.3	And all of these changes have the potential to impact you if you do not fully understand them.
0:16.7	So let's get in the know with Rita Wong, president of health e-commerce and understand the amazing financial benefits of HSAs and FSAs.
0:25.9	You're listening to Millennial Money with award-winning money expert and serial entrepreneur, Shana Come to Game, where we flip the script on the old school approach to everything your parents never taught you about money.
0:37.3	Each week, Shana creates a safe space by talking with special guests from around the world,
0:41.9	about money wellness, entrepreneurship, traveling like a boss, and what makes millennials tick.
0:47.1	Unique stories, trailblazing perspectives, tips, tricks, and everything there is to know about money.
0:52.7	Find it all here as you uncover your
0:54.9	money story and unlock the life you want to live. Pretty cool, right? Here's Shauna, money expert,
1:01.6	Indiana Hoosier, and Burger Officianato. Hey, hey, so glad to have you for this episode. It is definitely
1:10.1	one that will make you smarter, or at least
1:12.6	have some good talking points whenever we can get back to those happy hours. You can really drop some
1:18.3	knowledge. So get this. More than 70 million Americans are currently enrolled in a flexible
1:24.1	spending account or health savings account, which can help you save money on taxes
1:29.2	every year and pay for health care expenses now and in retirement with HSAs. Now, just like flavors
1:36.6	of ice cream, HSAs and FSAs have some things in common and some things that differ. But once you're
1:42.6	in the know, you can choose what flavor of tax advantage account works for you.
1:47.2	But what I love about each of these is the ability to use those tax advantage dollars.
1:52.2	Think of it like buying stuff at wholesale prices.
1:55.3	For everyday purchases like Band-Aids, over-the-counter allergy meds, makeup wipes, lotion, and so much more.
2:02.7	And our guest, Rita, is going to demystify it all.
	...

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