What’s an HSA? Growing Wealth with Health Savings Account Investing

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 29 January 2024

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Understand the different ways you can utilize a healthcare savings account and learn tips and tricks for HSA investing. 00:46 This Week in Your Money: Where can you find an unbiased analysis of the best financial products available? What products can help you make the most of your finances? Hosts Sean Pyles and Sara Rathner discuss NerdWallet’s Best-Of Awards, a resource that can serve as a shortcut when it comes to finding the right financial tools for your goals. They share some highlights from this year’s awards, including the best all-purpose travel rewards credit card and the best broker for beginner investors. 06:23 Today’s Money Question: How does HSA investing work? Investing Nerd Alieza Durana joins Sean and Sara to answer a listener’s questions about health savings accounts — what are HSAs, how do they work, and what are the benefits of having one? She discusses how you can use HSA funds for qualified medical expenses, how HSAs are similar to 401(k)s or Roth IRAs, and the triple tax advantages of HSAs. She also addresses the debate around whether to spend HSA funds on current medical expenses or save them for future healthcare costs in retirement, which leads to a discussion on balancing the need for immediate healthcare with long-term savings goals. In their conversation, the Nerds discuss: health savings accounts, HSA investing, financial products, financial tools, financial future, investment potential, credit cards, investment accounts, financial landscape, tax-free growth, retirement healthcare costs, Best-Of Awards, unbiased reviews, mortgages, savings accounts, financial decision-making, prosperity, spend or invest, annual contributions, high deductible health plans, HDHP, qualified medical expenses, investment potential, shopping smart, managing money, and financial maximization. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ready to launch your business? Get started with the commerce platform made for entrepreneurs.
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0:22.8	entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.
0:29.7	What if a single product could transform your life and your finances?
0:34.5	Not going to happen, but it's worth a shot.
0:38.3	Welcome to NerdWallet's Smart Money Podcast.
0:41.3	In case you're new here on this show, our goal is to answer your money questions and help
0:45.4	you make smarter financial decisions.
0:47.5	I'm Sean Piles.
0:48.5	And I'm Sarah Rathner.
0:49.6	So as Sean said, this show is all about your money questions.
0:53.6	So whether you're trying to figure out
0:54.8	if you need to hire a professional to help you with your taxes this year, or you just want help
0:59.4	choosing a new high-yield savings account, we nerds have your back. You can text your questions
1:04.0	or leave us a voicemail on the nerd hotline at 901-730-6373. That's 901-730 N-E-R-D. Or you can email your question to podcast at nervedwollet.com.
1:16.2	This episode, Sarah and I take on a listener's question about how to balance spending or investing the funds in their health savings account or HSA.
1:24.2	But first, we are going shopping for financial products, that is. Well, I don't know what
1:29.3	kind of jeans are in style anymore, so financial products are my favorite kind of shopping.
1:34.3	Yes. So savvy listeners will know that all month long, we've been running a special series about
1:39.6	how you can make the most of your finances in 2024, from knowing how to set your goals to managing
	...

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