Kate Ashford
👤 SpeakerAppearances Over Time
Podcast Appearances
So if you, let's say you elect to have like $3,000 put in the account over the course of the year, With an FSA, the $3,000 is available to you like in January, like immediately, even though you haven't made $3,000 worth of deposits in the account yet. But with an HSA, on the other hand, you can only spend what's in the account that day.
That's right. It's at the employer's discretion, so it's not required. But if your employer is handing out free money, I would take it.
That's right. It's at the employer's discretion, so it's not required. But if your employer is handing out free money, I would take it.
That's right. It's at the employer's discretion, so it's not required. But if your employer is handing out free money, I would take it.
Yeah. In general, you can't use your HSA money for non-medical stuff. And I know that phrase non-medical stuff is very vague. So what I'll say is that the IRS provides a pretty long list in publication 502, and which you can Google that pretty easily.
Yeah. In general, you can't use your HSA money for non-medical stuff. And I know that phrase non-medical stuff is very vague. So what I'll say is that the IRS provides a pretty long list in publication 502, and which you can Google that pretty easily.
Yeah. In general, you can't use your HSA money for non-medical stuff. And I know that phrase non-medical stuff is very vague. So what I'll say is that the IRS provides a pretty long list in publication 502, and which you can Google that pretty easily.
Basically, the strategy is this stuff as much as you can into the HSA and then don't take out any money for years and years. So the money, however you invest it, grows and grows tax free. So, of course, that only works if you can afford to pay your medical expenses out of pocket rather than using the HSA money in the account.
Basically, the strategy is this stuff as much as you can into the HSA and then don't take out any money for years and years. So the money, however you invest it, grows and grows tax free. So, of course, that only works if you can afford to pay your medical expenses out of pocket rather than using the HSA money in the account.
Basically, the strategy is this stuff as much as you can into the HSA and then don't take out any money for years and years. So the money, however you invest it, grows and grows tax free. So, of course, that only works if you can afford to pay your medical expenses out of pocket rather than using the HSA money in the account.
And if you can be disciplined about saving the receipts for those expenses. Because the other part of the strategy is that one day when you're ready to retire, you have this big pile of tax-free HSA money to use to pay for your medical care. And you don't have to incur the medical expenses in the same year that you use the money.
And if you can be disciplined about saving the receipts for those expenses. Because the other part of the strategy is that one day when you're ready to retire, you have this big pile of tax-free HSA money to use to pay for your medical care. And you don't have to incur the medical expenses in the same year that you use the money.
And if you can be disciplined about saving the receipts for those expenses. Because the other part of the strategy is that one day when you're ready to retire, you have this big pile of tax-free HSA money to use to pay for your medical care. And you don't have to incur the medical expenses in the same year that you use the money.
So long as you have those receipts, the paperwork to prove your unreimbursed expenses in the past.
So long as you have those receipts, the paperwork to prove your unreimbursed expenses in the past.
So long as you have those receipts, the paperwork to prove your unreimbursed expenses in the past.
That's right. Once it's in the account, it's yours. If the end of the year comes and goes, it's still yours. You quit your job. It's yours. They fire you. It's yours. You retire. It's yours.
That's right. Once it's in the account, it's yours. If the end of the year comes and goes, it's still yours. You quit your job. It's yours. They fire you. It's yours. You retire. It's yours.
That's right. Once it's in the account, it's yours. If the end of the year comes and goes, it's still yours. You quit your job. It's yours. They fire you. It's yours. You retire. It's yours.
Anytime. Anytime.