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?
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.
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