Charles Forelle

speaker

205 appearances 2 recordings 1 series first heard Jan 2022 last heard Oct 2022

Charles Forelle’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · From IRA to HSA: Decoding Personal Finance's Alphabet Soup · 18 Jan 2022 podcast

You can keep it.

So you have a bunch of sort of fiddling and figuring you have to do with an FSA that you don't have to do with an HSA because you don't face the use it or lose it.

The other thing about the HSA is it's a magnificent investment because it is triple tax advantaged.

So three tax advantages.

Tax advantage number one, when you contribute the money to the HSA, you do not pay taxes on it.

The earnings and the investment returns that you receive on the HSA are tax-free.

That's tax advantage number two.

Tax advantage number three, when you eventually take the money out to pay for medical expenses in retirement, let's say, or at any time in your life, it's tax-free on withdrawal.

Triple tax advantage.

You never see that.

It's very unusual in the tax code to have something that is triple tax advantage.

The HSA does that.

It's also a really good emergency savings vehicle if you're clever about it because you can withdraw at any time from your HSA as long as you have medical expenses.

And the medical expenses don't need to happen when you withdraw the money.

So if you are the organized sort and you save receipts from your medical bills and whatever it is, and you have a pile of receipts, you can cash them out whenever you need money.

And all of that money is tax-free.

So it serves a ton of really good purposes.

You have to assume that you will have medical expenses in the future to pay for, but there are not a lot of sure things in the universe.

But one sure thing is that as you get older, you will have medical expenses.

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