Using a Health Savings Account (HSA) for Medical and Retirement Planning

In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss ten advantages to a Health Savings Account (HSA) and why you need to know them. A Health Savings Account is a valuable medical and long-term retirement planning tool with more than just tax benefits.Listen in to learn how to let your HSA contributions grow and invest the money over time for future use as an asset. You will also learn the different ways you can control when and how you want to spend your money on different qualified medical expenses.In this episode, find out:HAS’s tax advantages – contributions are tax deductible and can be done at your tax filing.Triple tax savings – understanding three tax benefits you get from HSA.Lower healthcare cost – the advantage of a high deductible plan with an HSA.Affordable and long-term savings – how your HSA contributions can accumulate and grow for future use.Investment opportunities – how some HSA accounts allow investment in the money markets.A retirement savings plan with the ability to grow a bucket for future medical expenses.Flexibility and control – ways you can control when and how you want to spend your money on different qualified medical expenses.Pretax contributions to payroll deductions – this makes savings easier and smooth.There’s no use it or lose it rule – HSA is similar to IRA, where you don’t lose money if you don’t use it.Retirement savings vehicle – let your HSA bucket grow and invest over time to use it as an asset.Control over your healthcare decisions – you get to make choices on what and how you spend on medical expenses.<br/>Tweetable Quotes:“If you’re someone who doesn’t go to the doctor often or is relatively healthy, a high deductible plan with an HSA could make a lot of sense because you lower your premiums and cost of actual medical insurance.” - Murs Tariq“There’s a wide range of what you can use your HSA money for when it comes to medical expenses.”- Radon Stancil  <br/>Resources:If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!To access the course, simply visit POMWealth.net/podcast.