what is a health savings account

How To Make The Most Of Your Health Savings Account

what is a health savings accountShobin Uralil, COO and Co-Founder of Lively, and I discuss in depth what is a health savings account (HSA) and who qualifies for a health savings account. If you have a high deductible health plan (HDHP), you could qualify to open an HSA, which could be used as a great financial planning tool for healthcare related costs in retirement.

Shobin and I tackle the terminology that you need to know to understand what are HSA qualified medical expenses and what is covered under a health savings account. If you are looking to make the most out of your health savings account, this episode is for you.

What You Will Learn in This Show:

  • What is an HSA?
  • Who qualifies for an HSA
  • How do you open an HSA?
  • What are contribution limits for an HSA in 2018?
  • What is a qualified medical expense?
  • What about nonmedical withdrawals – what are penalties?
  • What happens if you die and have an HSA, where do funds go?

Curbside Consult:
What happens to your HSA if you leave your current employer? What if your new employer doesn’t have a high deductible insurance plan, can you keep contributing?

If you have an HSA, you NEED to check out Lively.

Don’t forget to:

Ryan Inman