1. Hey Rachel, hope you see this I got a question. Can I get an HSA even if my job only provides HRA

  2. Taking money out after 65 is only tax free for medical expenses. If you take money out for the said boat, you would still have to pay taxes, but you would avoid the penalty had you taken that money out for non medical expenses prior to 65. Just FYI, but otherwise a good video.

  3. Great video! I work for my company's benefits department, and we have an HSA. This is a great summary of HSAs. I will have to show this to our employees to help them understand their HSA!

  4. My employer requires us to use our entire HSA or we lose it at the end of the year. It’s still really great when you know roughly how much you will be spending in the year on healthcare and then you can pay that tax free!!

  5. It’s a shame you don’t have the NHS in the US, you wouldn’t have to worry about any of this

  6. Thanks for answering my question that no one seemed to be able to answer!! "I can pull the money out and use it for whatever I want"!!! Excellent!!!!

  7. Omg HSA is a pre tax tax free for healthcare expense yes it can be a retirement account but it will be like a ira or 401k it will be taxable in retirement and if before retirement if the money is not used for medical it has high penalties but it’s a great account for healthcare and healthcare expenditures in retire you
    Would not use your other accounts in retirement for healthcare

  8. What people don't tell you about HSA, if your using an employer HSA, you can't use it for retirement, the money is gone at the end of the year or if your employment terminates. I lost my job in July 2017 and threw away $800 sitting in a HSA. They only way I could of used it is if I had a "claim" prior to my separation date. It's a rip off. Better off saving the money yourself.

  9. Hey Rachel, just wanted to point out that HSA distributions after 65 for non-medical expenses are not tax free, they are only penalty (20%) free. So you will have to pay taxes before you can buy that boat. 😀

  10. Thank you for this video! We're going to have to choose between HSA and PPO in a couple of months. The premium for the high-deductible plan my husband's employer offers is almost as high as the PPO and we've got some known health expenses (baby on the way), so we're going to go with the PPO this year. I'm hoping we can use an HSA in the future!

  11. HSA and high deductible plans are awesome when you don’t have to use them. But when your yearly max out of pocket is often met due to raising children with special needs you always are in the red. You may say, ok save more money? Here is another problem, often a families max out of pocket is higher than what the government stand allows. Then your left to making what seems like endless payments to hospitals and DR. HSA and high deductible plans I am afraid to say are just a bandaid for a bigger problem.

  12. One thing that wasn’t mentioned: any money you put into an HSA is tax deferred. So you can lower your current tax bill. And then if you take money out to pay for medical expenses, it’s a tax free withdrawal too!! So it’s tax free in, tax free out. But only for medical expenses. The money keeps growing as long as it’s invested in the HSA, and then you’re right- at 65 you can treat it like a normal IRA and withdrawals don’t have to be for medical expenses. But even after 65 if you do take out money for medical, it will still be tax free. It’s pretty cool!

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