I’m always looking for different ways to save money on taxes, but I’m also getting older, so health insurance is now something I have to worry about.

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1. HSA: Health Saving Account
– This is a Health Savings/Investing Account that was created for people that have a high deductible health insurance
– Meaning you can save or invest the money into this account to help with medical-related expenses

Qualify: you have to have a certain type of insurance ( Qualified high deductible health plan )
– Obviously, when you have insurance with a high deductible the insurance premiums are going to be a lot lower
– But if something happens you are obviously going to have to come out of pocket a lot more money
– So you can use the HSA to have that money inside the account ready to be used ( because you are willing to pay more upfront )

Tip: obviously this can only be used for medical expenses, not pay premiums or to go on vacations

So before I even continue:
– If you get this account and you take the money out, for non-medical reason
– They will tax you on the money and they will hit you with a 20% penalties
– But don’t worry by the end of this video I’ll teach you how to avoid this

2. Benefits of having an HSA
– Obviously, the first benefit is security
– Knowing that you are saving money on premiums
– But you also have the money in your account in case anything does happen and you do need that money

Tax Benefit:
– You can save or invest pretax money and it will be deducted from your gross income, which will then save you money
– Meaning you can incest this money and have it grow tax-free for years
– If you never use it

Tip: remember this is an account, so you still have to select the investment you want to invest into, if you don’t you’re just saving the money

Contributions Limit:
– $3,600 if you are single and $7000 if you are a family ( that’s all tax savings )
– And if you invest this money correctly over 20 years at 10% return, you would have somewhere around $226k
– But you would also be saving thousands of dollars in high premiums

Healthy Benefit or Sick Benefit:
– If your health and get an HSA you’re basically using to invest and save money on taxes
– If you’re not healthy and you have a lot of crazy expenses, this can save you a lot of money on insane premiums

3. Overall
– To qualify you will need a QHDHP
– So ask your employer about it
– And don’t forget to actually invest the money

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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