HSA Opportunities & Moves to Consider Before April 15th

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Spring has sprung, pollen is in the air, and we are in the middle of college basketball March Madness! With tax season also approaching, Don and Marc are here to talk about Health Savings Accounts (HSAs) and the wealth of opportunities they can provide for savers and investors. Listen in as they share some benefits of contributing to an HSA, including significant tax deductions and tax-free withdrawals for qualified medical expenses.

HSA

 

Spring has sprung, pollen is in the air, and we are in the middle of college basketball March Madness! With tax season also approaching, Don and Marc are here to talk about Health Savings Accounts (HSAs) and the wealth of opportunities they can provide for savers and investors. Listen in as they share some benefits of contributing to an HSA, including significant tax deductions and tax-free withdrawals for qualified medical expenses.

Throughout this conversation, Don shares insights into how individuals of all ages can leverage HSAs to manage healthcare costs, accumulate savings, and even plan for retirement. He also touches on HSA usage for those over 65, navigating Medicare eligibility, and shares some potential downsides and nuances to consider with HSAs. This episode is packed with valuable insights and opportunities to think about before April 15th, so don’t miss it!

Here’s some of what we discuss in this episode:

  • How HSAs work + a little history
  • The difference between the HSA-eligible health plan and the health savings account
  • The tax benefits an HSA offers + some potential downsides to consider
  • The nuances of HSAs for individuals over 65 + strategic approaches for managing HSA funds post-retirement
  • Considering HSA depletion rules + keeping proper records

Resources:

IRS Rules for HSAs – Publication 969

https://www.irs.gov/publications/p969

HSA benefits that may surprise you –

https://irahelp.com/slottreport/hsa-benefits-may-surprise-you/

5 HSA rules you need to know –

https://irahelp.com/slottreport/5-hsa-rules-you-need-know/

Get the most out of your HSA – Wall Street Journal –

https://www.wsj.com/buyside/personal-finance/what-is-an-hsa-dff3eb55?st=rxd75zyho7lfd45&reflink=desktopwebshare_permalink

 

HSA

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com