Making Sense of Your HSA: What It Is, How It Works, and How to Get One| EP 65 cover art

Making Sense of Your HSA: What It Is, How It Works, and How to Get One| EP 65

Making Sense of Your HSA: What It Is, How It Works, and How to Get One| EP 65

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Summary

 Could one account help you save on taxes, cover healthcare costs, and support your long-term financial goals?In this episode of Make It Personal, we’re diving into the Health Savings Account, or HSA, a powerful but often misunderstood tool that can help you manage today’s healthcare costs and prepare for future ones. Whether you’ve heard the term or are already enrolled in a high-deductible health plan (HDHP), this is your guide to understanding what an HSA is, how it works, and how people typically get started.Host Mark Zagurski breaks it all down in real-life terms, from tax benefits to investment options, from eligibility to everyday use. You’ll learn the different ways an HSA can support your medical needs now, grow savings for later, and even provide flexibility in retirement.Key Takeaways:→ An HSA offers triple tax benefits: contributions may be tax-deductible, growth is tax-deferred, and withdrawals for qualified medical expenses are tax-free.→ Funds carry over year to year, no “use-it-or-lose-it” deadlines like other accounts.→ Some providers allow investing HSA balances once a threshold is met, potentially growing your funds over time.→ After age 65, non-medical withdrawals avoid penalties, though income tax may apply.→ To open an HSA, you must be enrolled in a qualifying HDHP, and can typically do so through an employer, a financial institution, or your insurance provider.“Healthcare choices aren’t just about premiums and deductibles, they’re about your peace of mind, your family, and your financial well-being.”🩺 Curious whether an HSA fits into your healthcare and financial strategy? Visit makeitpersonalpodcast.com to connect with a Mutual of Omaha advisor who can walk you through your options. And don’t forget to subscribe and share this episode with someone weighing their health plan choices.Connect with Mutual of Omaha Advisors through the following links:→ Download The Game of the Decade eBook: https://makeitpersonalpodcast.com/free-ebook-page-2→ Download the Seven Principles eBook: https://makeitpersonalpodcast.com/free-ebook-page?utm_source=podcast&utm_medium=allplatforms&utm_mediacode=FCF&utm_campaign=makeitpersonal→ Instagram: https://www.instagram.com/makeitpersonal_podcast/→ Facebook - Mutual of Omaha Advisors: https://www.facebook.com/MutualofOmahaAdvisorsFB→ Sign Up For a Free Financial Strategy Meeting: https://makeitpersonalpodcast.com/get-connected/?utm_source=podcast&utm_medium=allplatforms&utm_mediacode=FCF&utm_campaign=makeitpersonal--Investing involves risk, including loss of principal. This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services, Inc. does not provide tax or legal advice. Please consult with the appropriate professional regarding your personal situation prior to making any financial decisions. Strategies discussed may not be suitable for everyone. Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.
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