How to use HSAs to avoid taxes and take charge of your healthcare, with the guy who implemented the HSA law, Roy Ramthun (aka “Mr. HSA”)
#49: The Health Savings Account is an incredible tool to take greater control over your healthcare. It is the most tax-efficient investment account on the planet.
So, if you’re eligible for it and not at least considering how to take advantage of it, you’re missing out.
In this week’s podcast, I deep dive on HSAs with Roy Ramthun. Roy is a nationally-recognized HSA expert, because he led the Treasury Department’s implementation of HSAs when they were signed into law in 2003, and then he served as a White House healthcare policy advisor.
I thought I already knew a lot about HSAs, but I still learned new things from Roy.
- How Roy got the nickname “Mr. HSA”
- Why HSAs are so special and how they work
- Tax benefits of HSAs at both federal and state level
- The 3 main eligibility criteria for HSAs
- Ways to fund HSA contributions
- What health expenses are considered qualified
- HSA bank options and factors to consider when selecting a custodian bank
- Reimbursement rules, receipt saving tips
- Tips for maximizing the growth of your HSA
- What happens to your HSA when you retire or pass away
Do you have an HSA? What kind of health expenses have you been able to save on using an HSA? Any follow up questions for Roy? (He’s offered to help answer them.) Let me know by posting a comment on the show notes page.
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Links mentioned in this episode:
- HSA Consulting Services
- Health Savings Accounts: Contribution Limits, Eligibility Rules, Benefits
- HYW private Facebook community
Intro/Outro: Old Bossa by Twin Musicom.