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The Power of an HSA Part 2
Manage episode 355351713 series 3437793
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As mentioned in Part 1, health expenses and rising health insurance costs can quickly derail even the best laid financial plans. An HSA account is a solid planning tool to help freelancers mitigate risk and navigate unexpected expenses.
In this episode, Alex discusses the final 5 attributes of an HSA account and why it’s beneficial to have this dedicated financial bucket available.
In this episode, you’ll also hear:
- Selecting an HSA custodian and planning for future retirement
- Short term vs. long term HSA investing strategies
- Keeping receipts for future reimbursements and HSA tax filing process
Must-listen moments:
[00:02:51] Health expenses and health insurance are one of the hardest things to plan for with early retirement. Having a dedicated bucket set aside helps put you ahead of the financial planning game.
[00:05:56] Make sure your investment allocation inside of your HSA account matches your personal goals for this account. So, take a minute to determine if you are going to use this account for short term expense needs for medical, or if this is a longer-term tax-free growth account.
[00:08:53] The real pro tip here is to keep your medical receipts, even the ones you don't use for reimbursement. Keep this on file in your files outside of the HSA custodian as you may be eligible in the future for reimbursement on them.
Visit www.freelancefinancefix.com for more money tips for freelancers.
Follow Alex at https://www.linkedin.com/in/alexmlynch/
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