Shobin 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:
- Join the Financial Residency Facebook Community and join hundreds of physician families take control over their household finances.
- Leave an iTunes review!
