Using Your HSA To Build Wealth

<p>If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest?&nbsp;&nbsp;</p> <p>In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs.</p> <h3><strong>Topics Discussed:</strong></h3> <ul> <li>HSA: Best tax shelter that exists as a vehicle to put your money into</li> <li>HSA vs. Flex Spending Account (FSA): What&rsquo;s the difference?</li> <li>HSA Strategy: <ul> <li>Rule #1: It&rsquo;s best not to spend out of your HSA</li> <li>Rule #2: If using HSA to build wealth, make sure to invest cash</li> <li>Rule #3: As you have healthcare expenses, save the receipts</li> </ul> </li> <li>When to start using your HSA? Balance equals future expected healthcare costs</li> <li>HSA Beneficiaries: Make sure to identify spouse or dependents</li> <li>When is the best time to fund HSA? Max out sooner than later</li> <li>Cafeteria Plan: Better to funnel money through employer HSA for matching funds</li> <li>Switching Providers: Keep up with transfers and minimize number of HSAs</li> </ul> <h3><strong>Links:</strong></h3> <p><a href="https://www.hsabank.com/hsabank/homepage">HSA Bank</a></p> <p><a href="https://livelyme.com/">Lively</a></p> <p><a href="https://financeforphysicians.co/2021/04/08/why-the-hsa-is-a-hidden-gem/">Why the HSA is a Hidden Gem</a></p> <p><a href="https://financeforphysicians.co/contact/">Contact Finance for Physicians</a></p> <p><a href="http://financeforphysicians.co">Finance for Physicians</a></p> <p>&nbsp;</p>