What is a Health Savings Account? HSA Explained for Dummies

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  • Опубліковано 5 вер 2024
  • A health savings account is a great way to set aside money to pay for medical expenses throughout the year. But how do they work exactly? Here's a breakdown of health savings accounts - HSA explained for dummies!
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    🎬 NOTES FROM VIDEO
    A health savings account is a savings account where you can set money aside on a pre-tax basis to pay for qualified medical expenses.
    A health savings account typically comes with a HDHP - high deductible health plan. So your deductible is going to be higher and your premiums will be lower. Most plans will cover 100% of your costs after you hit your deductible - but the deductible is high.
    An HSA is not a substitute for health insurance but it comes with it in an HDHP.
    Benefits of a health savings account
    www.cnbc.com/2...
    Set aside money pre-taxed for medical expenses. So just like a 401k, you contribute money from your paycheck pre-tax which reduces your taxable income for the year.
    Earnings in an HSA grow tax free. Contributions and interest accrues tax free.
    You can withdraw money tax-free when it's used for qualified medical expenses.
    You can take the HSA with you if you leave your employer
    The money does not "expire" like a flexible spending account. It keeps accumulating and you can still use it years later, even when you retire.
    Cons
    Might not be right for someone who has a chronic illness or requires expensive medications - the deductible is high therefore you're paying more out of pocket
    The contribution limits are capped
    Depending on your plan, you might still have a copay after you reach your deductible limit.
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КОМЕНТАРІ • 337

  • @Kseniaramesh
    @Kseniaramesh 14 днів тому +295

    The cool thing is, the money you put in is tax-free, and if you don’t use it, it rolls over year after year.

    • @Larry1-pl2wq
      @Larry1-pl2wq 14 днів тому

      You need to be enrolled in a high-deductible health plan (HDHP) to qualify for an HSA. But once you have it, the money can grow tax-free, and you can withdraw it tax-free as long as it’s used for eligible medical expenses.

    • @V.stones
      @V.stones 14 днів тому

      I’ve been using an HSA for a few years now, and it’s been great. I love that it helps me save on taxes, and it’s nice knowing I have money set aside specifically for healthcare.

    • @Andres_853
      @Andres_853 14 днів тому

      That’s interesting. I’ve been thinking about setting one up but wasn’t sure if it was worth it. What happens if you don’t use all the money in the account?

    • @V.stones
      @V.stones 14 днів тому

      That’s the best part. Unlike a Flexible Spending Account (FSA), the money in an HSA doesn’t expire at the end of the year. It just keeps building up. And after you turn 65, you can use it for non-medical expenses too-though you’ll pay taxes on those withdrawals, just like a traditional IRA.

    • @Jonesmatsunaga
      @Jonesmatsunaga 14 днів тому

      I’ve been maxing out mine too. But I’ll admit, I wasn’t sure how to best invest the funds in my HSA. It’s just been sitting in a low-interest account. I could probably do more with it.

  • @Hannahbenowitz
    @Hannahbenowitz 4 дні тому +257

    I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

    • @JosephineKenney
      @JosephineKenney 4 дні тому +3

      Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

    • @FinnBraylon
      @FinnBraylon 4 дні тому +1

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    • @HildaBennet
      @HildaBennet 4 дні тому +1

      Mind if I ask you to recommend this particular coach you using their service?

    • @FinnBraylon
      @FinnBraylon 4 дні тому +1

      SONYA LEE MITCHELL is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

    • @HildaBennet
      @HildaBennet 4 дні тому +1

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  • @FernandoBowen-78
    @FernandoBowen-78 Місяць тому +213

    I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

    • @magen-b7n
      @magen-b7n Місяць тому

      I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

    • @FernandoBowen-78
      @FernandoBowen-78 Місяць тому

      @@magen-b7n That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

    • @magen-b7n
      @magen-b7n Місяць тому

      @@FernandoBowen-78 My advisor is VICTORIA CARMEN SANTAELLA;

    • @magen-b7n
      @magen-b7n Місяць тому

      You can look her up online

    • @magen-b7n
      @magen-b7n Місяць тому

      Nah I Can't say I can relate, VICTORIA CARMEN SANTAELLA charge is one-off and pretty reasonable when compared to what I benefit in returns.

  • @jballs5434
    @jballs5434 3 роки тому +292

    The US healthcare system is insane.

    • @nunereclipsereborn
      @nunereclipsereborn 3 роки тому +31

      @Jordan Dude America's healthcare system is broken, corrupt, corporatized via 'cartel system'.

    • @dishish
      @dishish 3 роки тому +12

      it sucks. my medications cost me about $6k a month...my insurance covers all but $500, but still...profit over people!! the american way! where do you live, wanna get married so I can get out of here 😂😂

    • @sk1657
      @sk1657 Рік тому +3

      It is corrupt

    • @KenjiEspresso
      @KenjiEspresso Рік тому +3

      Supply and Demand. Don’t supply them by getting sick?

    • @suhaibirfan8706
      @suhaibirfan8706 Рік тому +8

      @@KenjiEspressowow didn’t think of that I’ll just tell my immune system to work harder so I don’t get sick thanks!

  • @thetravelingwanderer
    @thetravelingwanderer 4 роки тому +272

    Great video! Just wanted to add a couple points that some people may find useful:
    1.) You can also pay for these expenses with a credit card (if you're into collecting points/ miles) then get reimbursed later on (just make sure to keep your receipts).
    2.) A lot of professionals also recommend that if you are able to do so, DON'T use your HSA funds and try to pay for things out of pocket now so you can let the money in your HSA grow over 20-40+ years tax free. Additionally, when you reach retirement age, you can withdraw the funds completely tax free and can be used for ANYTHING; not just medical expenses at that point.

    • @DebtFreeMillennials
      @DebtFreeMillennials  4 роки тому +29

      Yeah! I saw JL Collins recommended your second point in his book The Simple Path to Wealth. It's a great way to hack the HSA.

    • @thetravelingwanderer
      @thetravelingwanderer 4 роки тому +9

      @@DebtFreeMillennials Yup! Definitely something to think about if you can afford it :)

    • @hellok.illowww
      @hellok.illowww 3 роки тому +4

      Do you have to stay with the job you have the hsa under for it to stay in place or will the hsa rollover to any new job or still be there when you’re unemployed?

    • @riotjohnson889
      @riotjohnson889 3 роки тому +3

      @@DebtFreeMillennials But I thought with HSAs there is a cap of $3,600 for the year of 2021 so how can a HSA grow for 20-40 years when you max out at $3,600?

    • @juanfelipe8484
      @juanfelipe8484 3 роки тому +12

      Are you sure you can spend it on anything? That I did not find in my reading. Edit: I just looked it up, you can only take it out tax free if the money is used to cover medical expenses

  • @milanimorales2645
    @milanimorales2645 3 роки тому +128

    Thank you for explaining this. I wish videos like this were included on company websites when we have to enroll in benefits.

  • @nellj9495
    @nellj9495 4 роки тому +26

    I always wondered what an HSA was and why my medical insurance didn't have one. Thanks for explaining this! My insurance costs me $90 a month, but it is a low deductible plan so this explains why it doesn't have an HSA attached.

  • @kattelyn92
    @kattelyn92 3 роки тому +24

    We are about to offer an hsa for the first time at my company, and this will really help me explain to our employees! Thank you :)

    • @DebtFreeMillennials
      @DebtFreeMillennials  3 роки тому +1

      That's awesome to hear! It's such a great option for employers to offer.

  • @HippieP629
    @HippieP629 Рік тому +7

    I just looked at my hsa and was surprised that there's $$ in there. I love the "set it and forget it"

  • @michellebainbridge6201
    @michellebainbridge6201 4 роки тому +11

    We are getting our first HSA account September 1st! Thank you so much for this video. I had so many questions!

    • @DebtFreeMillennials
      @DebtFreeMillennials  4 роки тому

      Woot! Glad it was helpful!

    • @mikebarnes2294
      @mikebarnes2294 3 роки тому

      Are you aware of the special rule that allows you to contribute (and get a deduction for) the full year limit (and not just the pro-rated limit) if you are covered on December 1st and will be covered for all of the following year?

  • @minnienartanaid
    @minnienartanaid 4 роки тому +8

    Wish that I knew this when I was selecting my healthcare plan, but now I know. Will be changing when I can enroll next year

    • @DebtFreeMillennials
      @DebtFreeMillennials  4 роки тому

      Yes!! Arm yourself with this info during open enrollment and you'll be so prepared :)

    • @nunereclipsereborn
      @nunereclipsereborn 3 роки тому

      @@DebtFreeMillennials America's healthcare system is broken, corrupt, corporatized via 'cartel system'.

  • @pizzapocket7878
    @pizzapocket7878 2 роки тому

    I work for the county and have an HSA thru them. I don't have to put money into it because they do it. Every paycheck they put like 74 dollars into it. As of right now I have 947.00 in it. I'm getting a root canal which is going to run me around 800 dollars after insurance. The HSA will cover the rest. Sweet deal!

  • @HennaFlowers
    @HennaFlowers Рік тому +1

    I appreciate this video. I'm 35 and feel like I know nothing about health care plans. I always seem to pick the wrong one and be disappointed and broke when I need it.

    • @donkeywhistler
      @donkeywhistler 6 місяців тому

      start reading everything you can find now

  • @ameliaarmitage4424
    @ameliaarmitage4424 Рік тому +7

    So helpful! Thanks for your explanation and personal experience with HSA’s - I am enrolling in a health plan for the first time and your videos have taken a lot of the stress out of the situation :) also planning for a family so I appreciate your advice on that as well!!!

    • @sfer1576
      @sfer1576 9 місяців тому

      If you are planning for a family. Avoid an HSA. It would be dumb to get one at that point

  • @bosoxer4eva
    @bosoxer4eva Рік тому +1

    This was really great. My son recently started working and his company has an HSA, but I can't find if they actually have an HDHP (not on insurance card) or just an HSA to help out. Anyhow, was confusing me some for tax purposes and wanted to learn more. If only his company contributes to the fund and he doesn't, it looks like it does nothing to him for tax purposes. Anyhow, I went looking on youtube to learn more and you nailed it. Thanks so much!! New subscriber!

  • @kaylasmith8969
    @kaylasmith8969 Рік тому

    Thank you for providing a clear explanation of what an HSA is, I am making insurance choices for the first time and have been kinda lost in the paperwork that explains my options. I appreciate you 😊 and am happy to say I now have a better understanding of my options because of you 💗

  • @cleangreenlawncare1337
    @cleangreenlawncare1337 3 роки тому +9

    Incredibly helpful, no fluff, entertaining. 10/10 recommend this video 👍🏽

  • @nicksmith9513
    @nicksmith9513 2 роки тому +4

    Oh my god thank you for explaining this in simple language. I felt like my brain was going to rot trying to make sense of this stuff lol. This vid was very helpful.

  • @Mrslovett007
    @Mrslovett007 3 роки тому +6

    If you make less than 75k, the tax benefits are negligible and the amount you have to put away every month to meet your deductible will obliterate your take-home pay.

  • @frankiefleetwood
    @frankiefleetwood 7 місяців тому +1

    Thanks for explaining this. Clearly, this was designed to confuse the lower class.

  • @TerryStoa
    @TerryStoa 7 місяців тому

    Thanks - I'm going to be helping seniors with their taxes this year - and needed to get some basic info on HSAs.

  • @josengoran8345
    @josengoran8345 2 роки тому

    Hello, thanks for these explanations :) pretty clear for someone living in France were we have different approaches. to make sure that i correctly understood :
    1- the HSA is taken in addition to the Health insurance plan
    2- with an HSA, the idea is : to go for high deductible with in mind lowering premium + having a saving account ready to support possible deductible expenses
    3- HSA is not a best choice if chronic condition
    4- money put there is before taxes / some employers may add contribution / earning are tax free / withdrawal for quality medical expenses are tax free
    5- question : is it possible to decide one day to close an HSA and get the money back to personal account ?
    Thanks

    • @michaelb.8953
      @michaelb.8953 2 роки тому +1

      To answer your question, yes you can get the money back into your personal savings account. I believe you have to pay a 20% penalty if you're younger than 65 years old and you have to pay regular taxes on it in addition. You'd be better off not liquidating it and just using up that money to pay any medical, dental, vision, pharmaceutical bills that come along. I max out my HSA, but I still pay for any medical expenses that come along out of pocket and I grow my HSA instead. I keep all my paid for medical expenses receipts in case of a major life emergency that I can then present to my HSA provider and they will send me a check equal to the paid for receipts completely penalty and tax free, but my ultimate goal is to use my HSA in my retirement years as that's where I'm going to incur most of my medical expenses.

  • @margal3120
    @margal3120 3 роки тому +9

    Great informative video! My employer highly encouraged us to get the HSA option with the increase in deductible plans for this year so having one is new to me. They even gave us $ towards it ($500) and I need to do a better job of maxing it out. Cuz although it’s a good “separate” account for paying medical expenses, it’s really a great triple threat tax break account for wealth management 👍🏻😎 and an underutilized resource 🤑

  • @Luckykat218
    @Luckykat218 3 роки тому +6

    Thank you for the info & I just gave the word for my accountant to set up my HSA 🙌🏽

  • @lamplove4914
    @lamplove4914 3 роки тому +2

    Great info! The only thing is, I don’t have any medical expenses or med issues since changing my diet (2 years now). There could always be accidents, but i dont even buy OTC meds. I dont see a point as this seems like “just in case“ sort of plan. Still on the fence but thanks for the information!

    • @mireyacanoromero8263
      @mireyacanoromero8263 3 роки тому

      I am in the same boat as you. The way I am looking at it though, is that it carries over to future years when I'm older and if anything happens, I will have that as a cushion and if nothing happens (God willing, I will always be healthy as a horse) when I retire that money will turn into retirement money that I can use on ANYTHING. Hehe.. if what I've read is correct..

  • @joymae
    @joymae 4 роки тому +7

    THANK GOD for you explaining this. I never know how this works

    • @DebtFreeMillennials
      @DebtFreeMillennials  4 роки тому

      No prob! Once I figured out the benefits, I've never looked at anything else!

  • @drzman6901
    @drzman6901 2 роки тому

    FWIW, I support Direct Primary Care and cash-only surgical centers which are showing that medical costs can be kept way down when insurance companies and medicare are kept out of the payment loop. I hope that both of these take off and that people are allowed to opt out of company insurance coinciding with higher salaries (companies do not pay their insurance as a 3rd party) and an ability to raise the contributions on HSAs.

  • @Tattuzao
    @Tattuzao 2 місяці тому

    Hi, thank you for the amazing video. Lots of information!
    I have a question, I’m hoping you can help me.
    I don’t have HSA with my employer, I actually have a FSA. Therefore I open an account with Fidelity.
    I’m a little confused in that case how it plays out.
    Am I allowed to touch it before I retire?
    Does the money gets invested in the stock market on my behalf? Or it’s just a high yields savings account?
    Since I’m paying after taxes how do I get the taxes benefits?
    Thank you

  • @raiders1ckillaz
    @raiders1ckillaz 3 місяці тому

    Hey thank you for the video, it was very informative. I work in a union and I finally set up my health insurance I had to wait a full fiscal year. I had no idea (and still kind of don’t) what an HSA was but I heard it would be beneficial come tax season so I decided to open one. They gave me a debit card and on my pay stub when I received the card I noticed that my company put $550 toward my HSA. My deductible is $1800 with Aetna and so far I have used my hsa debit card to pay for everything and my co pays have been minimal. I still don’t think I am understanding. Am I supposed to put money from my paycheck toward the HSA account? I don’t use my medical insurance often but thus far it’s been incredible when I use it all my medication is either free or less than a 1$.

  • @respinoza89
    @respinoza89 2 роки тому

    Well now I’m confused because I am offered Aetna HDHP low use plan + HSA 2
    I currently have ambetter through the healthcare gov site. I was told I could not benefit from the lower premiums offered through the healthcare dot gov site if I’m offered another plan through my job so i decided to get the health plan with HSA, but you say this doesn’t replace health insurance? I’m confused

  • @treniesablunt
    @treniesablunt 3 роки тому +6

    Just open up my hsa and I'm so pumped

  • @beckywiley5408
    @beckywiley5408 3 роки тому +3

    Thanks for the info. It cleared up alot for me. I’m thrilled to know the money can go with you and that it doesn’t expire

  • @jimsopland2367
    @jimsopland2367 2 роки тому

    It is not always pretax and does not always come with health plans. If you don't get insurance thru your employer, you can get any hsa from a bank

  • @krisrk
    @krisrk 2 роки тому

    I just don't understand what I pay at my PCP and Pain Management, plus allergy clinic?
    My current company the HSA is the most expensive. The PPO is the cheapest. Usually, the HSA is a lower cost and the PPO is the most expensive.
    But HSA, all my doctors are in-network. My deductible is less on an HSA, I would also get an LPFSA of $1000
    But I have no idea my copay? I do have a chronic illness, monthly allergy appointments, and quarterly PCP visits.
    I called my doctor's office and they couldn't tell me what I would pay. Whereas I know on the PPO - I know my copay because it TELLS ME. So WTH???
    I don't want to pay more for an HSA and then not know what my cost will be at my PCP, pain management, and allergy clinic?

  • @rupman27isback
    @rupman27isback 20 днів тому

    Great video. I just want to make sure this health savings account isnt health insurance right? So u still need to pay health insurance on top of whatever money the HSA is removing from ur paycheck every month?

  • @ryanhodge8694
    @ryanhodge8694 Рік тому +3

    Thanks for the info. What happens if a year later you get a plan that is not a high deductible? Does that just stop you from being able to deduct contributions? Can you still use the existing HSA money for expenses even with a non HSA plan? Thanks!

    • @Allinall_Itsall
      @Allinall_Itsall Рік тому

      that's a good one. I was also wondering

    • @vadaashley
      @vadaashley Рік тому

      such a good question! wondering the same thing

  • @FinancialCoachJess
    @FinancialCoachJess 4 роки тому +4

    I wish more people knew about these! There’s so many benefits for FIRE!

    • @DebtFreeMillennials
      @DebtFreeMillennials  4 роки тому

      Yes there is!

    • @iHealthBrokers
      @iHealthBrokers 3 роки тому

      You are absolutely right! After you turn 65, you can use your HSA as a basic retirement account (not just for medical needs). Great video!

  • @akjetblue
    @akjetblue 3 роки тому +3

    Thanks for the info - I’m going to sign up for one at my company, thanks to your thorough explanation!

  • @cristina5940
    @cristina5940 Рік тому

    I love my HSA just paid for a Chiropractor plan!

  • @benefitcare
    @benefitcare 3 роки тому +2

    Great video. I've been explaining HSAs ever since they came out. QHDHPs don't have copays plus have high deductibles, that's the downside. They were originally designed for people who could be smart consumers of healthcare. I've had multiple HSA accounts with multiple financial institutions. Choosing the right bank is important too to get the maximum benefit out of your HSA money. For example, what is your financial strategy when it comes to using HSAs? Is it more transactional meaning are you going to use the money to pay for day-to-day health-related expenses? Or are you going to use it more for long-term savings and investments - remember you can contribute tax-free, it grows tax-free, and withdraw tax-free? Some banks include the capability to invest the money into stocks. Pay close attention to monthly fees. When people get close to retirement there are other things to considerations too when it comes to HSAs. Nice video.

  • @rexflores8461
    @rexflores8461 2 роки тому

    I would like to use this for a service dog and care and training for that service dog. And great video thank you

  • @nickfuchuck3525
    @nickfuchuck3525 2 роки тому +2

    This was great! I had one and didn’t know they were this good!!!

  • @Roger_Rabbit_Adventures
    @Roger_Rabbit_Adventures 3 роки тому

    After learning more about an HSA from 'Wealthy Tiffany' channel. She explains that with the right HSA account you can invest those funds into the stock market instead of just earning account interest. Which in the long run should grow quite well. Then years later you can reimburse yourself for expenses or after retirement use the $ for anything

  • @coolbeans6148
    @coolbeans6148 3 роки тому +1

    I think this is odd it must be attached to an insurance company.

  • @CitizenScorpio
    @CitizenScorpio 3 роки тому +1

    Informative video. Already doing research in anticipation for my employer’s open enrollment this fall. Thanks!

  • @detseroneLAG
    @detseroneLAG 9 місяців тому

    Thank you very much for this video. It was very informative and helpful. I appreciate it very much. Thanks to your informative video I made the decision that I feel is right for me and join an HSA.

  • @hungrypersian
    @hungrypersian 2 роки тому +1

    What happens if you don't have a high deductible health insurance plan and you opened an HSA? Do you need to withdraw your money and close the account? What happens to the growth from the account? Any advice would be appreciated.

    • @DebtFreeMillennials
      @DebtFreeMillennials  2 роки тому

      If you leave your employer or decide to go with another insurance plan, you get to keep your HSA account open and still actively use it. Growth continues even if you aren't actively contributing to the account. When I left an employer and had an old HSA, I continued to use the account until it had like $1 in the account balance.

    • @hungrypersian
      @hungrypersian 2 роки тому

      @@DebtFreeMillennials I've never had a high deductible insurance plan. When I first opened an HSA, I thought it was an investment vessel and I wasn't aware of the High deductible insurance requirement. Now I am a couple years in with actively contributing and I'm not sure what to do.

  • @mikelujanable
    @mikelujanable Рік тому

    I have no idea what you said but I liked the way you said it.

  • @jeffbailey6001
    @jeffbailey6001 2 роки тому

    How do I know what my employer is contributing or should I say I’m contributing because I have me and my two children how do I know because I’m not sure that they’re taking out the right amount do I ask them

    • @DebtFreeMillennials
      @DebtFreeMillennials  2 роки тому

      Look at your most recent pay stub and look underneath deductions. You should see an amount shown by what is contributed by the employee and by the employer

  • @genevievesuzi1549
    @genevievesuzi1549 2 роки тому

    I have Celiac disease and high blood pressure and I was wondering if it pays for gluten free food for myself and a blood pressure machine? My husband works for Nissan and they are so good to us

  • @Murrauder585
    @Murrauder585 10 місяців тому

    Great explanation and amazing pacing for the information to allow time to hear and process the statements!

  • @laurenrossi5273
    @laurenrossi5273 3 роки тому +1

    Thank you for more clarity on this matter

  • @kiarachuquilla3087
    @kiarachuquilla3087 5 місяців тому

    Can you remove all the money in that account if you decide to close that account without penalty? My job offers this but I don’t understand it!

  • @Khurr
    @Khurr 2 роки тому

    Great info and thanks for sharing...I think you might have started a firestorm with the "condoms" exclamations lol

  • @jadasmart7057
    @jadasmart7057 3 роки тому +1

    Thank you so much for the valuable information! Your explanation was very clear and I have a much better understanding now

  • @the84magi
    @the84magi 3 роки тому +3

    How would this work for small business owners (with no employees)?

    • @s.n.9485
      @s.n.9485 3 роки тому

      Wondering this too? Any info?

  • @Scorple1
    @Scorple1 9 місяців тому

    Thanks! Sounds like I can use my HSA to help pay for x-rays 😊

  • @monique1887
    @monique1887 Рік тому

    Thank you for the video i needed help understanding. ( my first time) i do have a question about the " reimbursement " i dont understand that part. We pay out of pocket then submit receipts then get " reimbursed " ? Like do i get the money back some how? Im lost lol 😞

  • @praisehircine6125
    @praisehircine6125 2 роки тому

    If you have an HSA account and don't want one any more can you close the account? How do you close one if you can?

  • @AK-hi4hm
    @AK-hi4hm Рік тому +1

    so i need health insurance to have one of these?

  • @dustinluster7636
    @dustinluster7636 2 роки тому

    I never had a hsa or anything I'm signing up rn and I don't know how much I should defer per pay period

    • @dustinluster7636
      @dustinluster7636 2 роки тому

      I'm seriously lost rn

    • @DebtFreeMillennials
      @DebtFreeMillennials  2 роки тому

      Do you have a high deductible health plan? That's the only way you can have an HSA. You can max out your account at $3,650 for individuals so if you have 26 pay periods then you could set aside $140 per pay period.

  • @ebutuoy8j
    @ebutuoy8j 3 роки тому +1

    Thanks for the video! I don't understand why there is a limit on the Out of Pocket Maximum. We don't qualify for an HSA because our OPM is 17,100.00. Seems backwards to me! Do you have any thoughts on that?

  • @fatimiuxang
    @fatimiuxang 3 місяці тому

    So what happens if i reach the limit in HSA? Does money not get drawn from your paycheck anymore?

  • @ericvdunn
    @ericvdunn 2 роки тому +1

    Great video!

  • @saranimo1230
    @saranimo1230 3 роки тому +2

    thank you for explaining it soo well! I was wondering could I use my HSA funds to pay myself? I got Braces and I pay for them Monthly?

    • @DebtFreeMillennials
      @DebtFreeMillennials  3 роки тому +3

      You can use your HSA to pay for braces! If you paid for your braces out of pocket, you can reimburse yourself through your HSA. Just be sure to save your receipts.

    • @jimhandler1129
      @jimhandler1129 2 роки тому

      @@DebtFreeMillennials When you reimburse yourself for previously paid medical expenses, who is looking at your receipts? Are they submitted to the IRS? I'm a little confused about that.

  • @RE-bw7of
    @RE-bw7of 10 місяців тому

    If my 2021 healthcare plan (individual coverage) had a minimum deductible of $1700 and an out of pocket maximum of $4000, would it have been HSA-eligible? I'm a little confused on the out of pocket maximum rule.

  • @marytatuem208
    @marytatuem208 2 роки тому

    So if my employer does not offer a HSA, what other options do I have? I was planning on retiring in 2 years. Securing health insurance is a roadblock for me right now. Thanks for sharing this video.

    • @FIDEL_CASHFLOW_
      @FIDEL_CASHFLOW_ Рік тому

      If you are close to age 65 then you can start researching Medicare. Besides employer sponsored options, you don't really have it many other options besides Medicare unfortunately.

  • @swollenmonkey
    @swollenmonkey 2 роки тому

    Thank you so much for this extremely easy to understand video. Well done!

  • @Beka_boo
    @Beka_boo 2 роки тому +1

    Can I use the card to pay for prescriptions? I just go and use the card

  • @Nessa-ep9jf
    @Nessa-ep9jf Рік тому +1

    This video helped out a lot! Thank you!!

  • @lexserr
    @lexserr 6 місяців тому

    I’m confused because my work health insurance already has a $2,500 deductible already, so would change my whole insurance plan to this? Or would it be an additional premium cost and another deductible? I’m confused

  • @TylerSpite
    @TylerSpite 3 роки тому

    How does it work with chiropractors? I have to pay the full amount until I hit my deductible?

    • @DebtFreeMillennials
      @DebtFreeMillennials  2 роки тому +1

      You can pay for chiropractic expenses. Your insurance might cover a portion of your visits. I suggest downloading your HDHP brochure from your health insurance company. It’s like a 900 page PDF but it lists everything under the sun and whether or not it’s covered.

  • @84rinne_moo
    @84rinne_moo Рік тому

    I’m confused by the list of eligible vs non eligible. On the non eligible list it says OTC pain relievers. But then you said Tylenol is covered, that doesn’t compute since Tylenol is an OTC pain reliever. A lot of the things on the non eligible list is really confusing as to why it’s not eligible. You can use it for birth control but pregnancy tests aren’t coveted?

  • @michaels6049
    @michaels6049 2 роки тому

    Are HSA's linked through your SSN or something? How do they follow you around?

  • @emiliavelazquez2497
    @emiliavelazquez2497 Рік тому

    so thank you bc i signed up for this not completely understanding what this is 😅💯

  • @user-ox9bq7ry4t
    @user-ox9bq7ry4t Рік тому

    Are you able to go to any Dr. or Hospital etc. using the HSA? Could you do a video on Medicare HSA Vs HSA? Thanks!

  • @Camrographer
    @Camrographer Рік тому

    I'm self employed and have an insurance provider. I do have chronic health conditions like asthma and allergies. My copay is moderate and my premium is moderate. Can I benefit from something like this?

  • @nhiennguyenwoo4269
    @nhiennguyenwoo4269 2 роки тому

    My question if I contribute $1000 for HSA then I can only use $1000 on cover other medical bill or it will cover more than $1000 that I put in?

  • @arvintroymadronio7298
    @arvintroymadronio7298 3 роки тому

    Is HSA fund balance transferrable to nearest kin or immediate family (children, sibling or grandchildren) just in case someone on record dies?

  • @mattmathew3115
    @mattmathew3115 2 роки тому

    Hello. This is Mansour Fatehi. I turned 65 on 09/23/21.
    I am eligible to enroll in Medicare. I asked some Medicare specialists, they told me if you enroll in your employer benefits that has a High Deductible plan, with an HSA account you do not need to enroll in Medicare and will not be paid a delayed Medicare penalty.
    1)Is this correct?
    So I enrolled in my employer benefits on 10/14/2021 that will be effective 1st Jan 2020,my Medicare initial enrollment period is through Dec.2021, so I have a gap of 7 or 10 days between effectiveness of employer coverage and ending of
    Medicare initial enrollment period.
    2)Is it an issue?
    Please let me know what I should do.
    Thank you for your consideration.

  • @aao1240
    @aao1240 Рік тому

    Trying to save for ivf, so I'm gonna have to check with my company if they will allow that kind of spending. Is it common for companies to let you pay for ivf/genetic services or does it just vary by company policy? Thanks for the info

  • @joefrias
    @joefrias 4 роки тому

    Great video. Just changed from HRA to HSA, haven't used much of my HSA. Do you have a video of ideas to invest some that money?

    • @DebtFreeMillennials
      @DebtFreeMillennials  4 роки тому +2

      I highly recommend checking out The Simple Path to Wealth by JL Collins - he has several ideas on how you can use the HSA money!

  • @Sky1
    @Sky1 Рік тому

    I think we are getting rolled on the cost of healthcare and dental care here in the U.S.

  • @marianav7271
    @marianav7271 7 місяців тому

    I had one of these plans through my job but after I resigned they said that the money I had put in could no longer be used, they keep it 🤷🏽‍♀️

  • @HeyyyHR
    @HeyyyHR 3 роки тому

    Great details! I know this video will and has helped many!

  • @mikaelacuraza649
    @mikaelacuraza649 2 роки тому

    Would it be worthwhile to transfer funds from our savings account into HSA or would it be best to do direct transfers from the paycheck?

  • @JRMH346
    @JRMH346 3 роки тому +1

    A little confused here.
    My employer offers a HSA but i don’t currently have one set up. I pay $12 each pay period for my traditional health insurance plan. So if i decided to do the HSA would i still be paying the $12 on top of what i decide to throw into HSA?

    • @modernmoney0
      @modernmoney0 3 роки тому +1

      More than likely, yes. Your $12 you are paying is for your portion of the expense. If you choose to enroll in the HSA, you would elect your contribution amount, up to the maximum amount and this would be paid in addition to your current $ 12 per pay period.

  • @dishish
    @dishish 3 роки тому

    sorry for the uninformed question, as HR is not my specialty, but I dont understand how this works alongside the provider plan. if my company is offering an HSA as well as a Gold and Silver plan through, say, Anthem, how do these correlate? Is Anthem offering the HSA plan?

    • @dishish
      @dishish 3 роки тому

      does the HSA have its own provider network and plans?

  • @dc5duben96
    @dc5duben96 3 роки тому +1

    thanks for the great info and making it easy to understand

  • @mandykal
    @mandykal 2 роки тому

    My wife is due for delivery on 2/2022. I’m anticipating doctors visits for routine pregnancy and after birth with doctors visits. Would this plan not be for me and my family? I have 3 other dependents.

  • @nicolejroby
    @nicolejroby 2 роки тому

    Thanks for explaining this! It was very helpful

  • @Anya-sun
    @Anya-sun 3 роки тому

    I’m not clear if it’s for me because I have a lot of dental work to be done and my daughter and I go to the doctor a lot and I don’t have an employer.

  • @katherinehenriques7760
    @katherinehenriques7760 3 роки тому +2

    Thank you on clarifying this. I didn’t know exactly what I was signing up for but I did sign up for an HSA this year. I had gotten a card for an HRA account for 2020 with my employer but I never signed up for one last year so that was a bit confusing.
    But my question is, or more to understand, an HRA was employer giving contributions..an HSA is me taking money out of my paycheck and saving it into that for medical expenses? Like another savings accounts coming from me and not my job? Would that be the correct way to see it?

    • @deepakrp4046
      @deepakrp4046 2 роки тому

      Hello. When you pay towards your HSA account that amount is not part of your taxable income. Amount under other savings account are part of your taxable income, hence doesn’t benefit you as HSA from a pre tax perspective. Hope I could explain.

  • @user-zw1uk9zb1w
    @user-zw1uk9zb1w 7 місяців тому

    Is the money preloaded to use already, or do I have to wait to accumulate?

  • @CrystalChristianStore
    @CrystalChristianStore 10 місяців тому

    This help me for my health insurance exam 🥺

  • @HeyShae
    @HeyShae Рік тому

    Can it be spent in other countries? And is it best to max it out?

  • @soosmed
    @soosmed 3 роки тому

    I still didn't understand at all. I have a lot of hospital visits. so you're saying its only good for high deductible insurance plan

  • @truebengalsfan
    @truebengalsfan 5 місяців тому

    Is hsa only available for high deductible insurance?

  • @tacrewgirl
    @tacrewgirl 7 місяців тому

    Great video. Helpful info. Thanks.

  • @TheJeanean
    @TheJeanean Рік тому

    I’ve been avoiding HSAs because I thought the money expired like FSAs.