You’ve heard of health savings accounts or HSAs. But who’s eligible? What expenses do they cover? What are their contribution limits? How are they different from FSAs? How can money in the account be invested, and what are the potential tax advantages? On this episode of Money Unscripted from Fidelity Investments, join host Ally Donnelly and Fidelity pro Amy Richardson as they explore ways an HSA could help you now and in retirement.
00:00 Welcome to Money Unscripted
00:58 What is an HSA?
01:23 What is a triple tax advantage?
01:53 How is an HSA different from an FSA?
02:46 How do I know if I’m eligible for an HSA?04:22 Is the money in my HSA automatically invested?
05:53 Can I only get an HSA through my employer?
07:40 How much can I contribute to my HSA?
09:27 How much should I save for medical expenses in retirement?
11:48 What can I use an HSA for?
13:33 What happens to my HSA after I pass away?
14:26 How much of my HSA should I spend?
15:36 Do I need an advisor to set up an HSA?
16:14 How do I open an HSA?
16:56 HSAs: A recap
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The information provided herein is general in nature. It is not intended, nor should it be construed, as legal or tax advice. Because the administration of an HSA is a taxpayer responsibility, you are strongly encouraged to consult your tax advisor before opening an HSA. You are also encouraged to review information available from the Internal Revenue Service (IRS) for taxpayers, which can be found on the IRS website at http://www.irs.gov. You can find IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, and IRS Publication 502, Medical and Dental Expenses, online, or you can call the IRS to request a copy of each at 800-829-3676. https://wwwxq1.fidelity.com/learning-center/money-unscripted/hsa.
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