The BEST Investing Account No One Uses
2,579
Published 2024-06-25
⏱Handy Timeline:
0:00 Intro
0:35 What is it?
0:44 Why it's amazing
2:50 How to use it
4:09 Company contributions
5:13 Limits
5:30 2 More critical things to know
6:20 How to use the money
7:00 Investing
7:32 How to use it for retirement
9:12 Why don't people like it?
11:12 How I used them personally
12:40 BIG MISTAKE
15:05 Overall
16:22 Worth it either way
19:19 Secret
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All Comments (10)
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I have my HSA with Fidelity
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Best way in my opinion to use a HSA. Is to invest the money let it grow . So when you get older you don’t have to pull from retirement accounts to pay for medical bills. Great video
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One of my favorite features of the HSA is that it becomes basically a traditional IRA that never has RMDs when you turn 65. It still remains a HSA you can pay for qualified medical expenses from but you can also withdraw money from it for anything else when you turn 65. The only difference being you never pay taxes on the qualified medical expenses but you do pay taxes on the other withdrawals like you would if you were taking money out of a traditional IRA.
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Speed. As always I appreciate you time and videos. I’d love to have an HSA but my employer doesn’t offer it.
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Thanks for the info! Been with a real job for about 3 years and was confused about my HSA (as you mentioned) and I let it sit there. Will get to investing :)
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I remember when HSA were first offered, I worked in HR benefits, and I was like this seems like crap. Now I am like this is Awesome!!! We both have one with our employer and finally I had enough in mine for investing and it's been great!
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Quick question! If I have to pay for a medical treatment, do you think it’s better to use the money in my HSA account (as I’m supposed to) or to pay with my regular credit card and let the money in the HSA account grow? Thanks!"
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So does HSA can just stay as part of your account set-up even after you transition into a more traditional insurance plan? If so wouldn't it make sense to get one for at least one year (if you were on the fence) so that you would always have the account there? You wouldn't be able to contribute anymore I guess, but you'd still be able to invest the existing amount, right?
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SPEED
