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Top Five Reasons to Open a HSA in 2023


Today's video goes over the importance of opening up an HSA via your employer or by opening one through Fidelity. We are going to go over all concepts of the HSA and how it can help you in your financial journey. #save #investing #hsa #notax #fidelity #vanguard Single Contribution - $3,850 Family Contribution - $7,750 55+ - extra 1K ($4,850 or $8,750) HSA Vanguard Index Fund - VGSNX (Vanguard Real Estate Index Institutional) Expense Ratio - 0.0083% Health Equity Investment Options VTINX (Vanguard Target Retirement Income Fund) VTWNX (Vanguard Target Retirement 2020 Fund) VTTVX (Vanguard Target Retirement 2025 Fund) VTHRX (Vanguard Target Retirement 2030 Fund) VTTHX (Vanguard Target Retirement 2035 Fund) VFORX (Vanguard Target Retirement 2040 Fund) VTIVX (Vanguard Target Retirement 2045 Fund) VFIFX (Vanguard Target Retirement 2050 Fund) VFFVX (Vanguard Target Retirement 2055 Fund) VTTSX (Vanguard Target Retirement 2060 Fund) VLXVX (Vanguard Target Retirement 2065 Fund) VMIAX (Vanguard Materials Index Admiral) VEMPX (Vanguard Extended Market Index Instlplus) VIIX (Vanguard Inst Index Plus) VGSNX (Vanguard Real Estate Index Institutional) VSMAX (Vanguard Small Cap Index Adm) VBMPX (Vanguard Total Bond Market IDX Instlpls) VTPSX (Vanguard Total Intl Stock IDX Instlpls) VWIAX (Vanguard Wellesley Income Admiral) VEMIX (Vanguard Emerging MKTS Stock IDX Instl) VIGIX (Vanguard Growth Index Institutional) VIPIX (Vanguard Inflation-Protected Secs I) VMVAX (Vanguard Mid-Cap Value Index Admiral) VBIRX (Vanguard Short-Term Bond Index Adm) VTAPX (Vanguard Short-Term Inflation-Prot SEC IDX Adm) VSIAX (Vanguard Small Cap Value Index Admiral) VTABX (Vanguard Total Intl BD IDX Admiral) VVIAX (Vanguard Value Index ADM) VFTAX (Vanguard FTSE Social Index Admiral) RMD - Required Minimum Distribution Triple Tax Breaks - You can contribute pre tax dollars, they grow tax free and they are a deduction from your tax filing year - You pay no taxes on earnings in your investment account (includes growth on your investments and dividends reinvested) - You can withdraw the money tax free now or in retirement without any tax penalties if the withdrawal is for medical expenses - After 65 you can withdraw the money you earned at a regular W2 income tax rate and it does not have to go towards medical expenses. It is like an extra 401k Links WeBull - Track Your Dividends - Fidelity HSA- Health Equity - Fidelity Article - Rising Health Care Article Cost - *Disclaimer I am not a financial advisor and I am not your financial advisor. Please, do your own research. These videos are for entertainment purposes only.*...(read more)


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As we move into 2023, Health Savings Accounts (HSAs) are becoming an increasingly popular way to save for healthcare expenses. HSAs are tax-advantaged savings accounts that allow you to set aside money for qualified medical expenses. They provide many benefits, such as tax deductions, flexible spending options, and the ability to roll over funds from year to year. Here are the top five reasons to open an HSA in 2023. 1. Tax Advantages: HSAs offer significant tax advantages. Contributions to HSAs are tax-deductible, and withdrawals for qualified medical expenses are tax-free. This means that you can save on taxes while also saving for your healthcare needs. 2. Flexible Spending Options: HSAs allow you to set aside money for qualified medical expenses and use the funds when needed. This gives you the flexibility to pay for medical expenses as they arise without having to worry about paying taxes on the withdrawals. 3. Roll Over Funds: Another great benefit of HSAs is that you can roll over funds from year to year. This means that you can save money in your HSA and use it when needed, without having to worry about losing any of the funds. 4. Investment Options: Many HSAs also offer the option to invest in mutual funds and other investments. This allows you to potentially earn a higher return on your money while still having access to the funds when needed. 5. Lower Healthcare Costs: By setting aside money in an HSA, you can potentially lower your healthcare costs. This is because you will have the funds available to pay for qualified medical expenses, which can help you avoid higher out-of-pocket costs. Opening an HSA can be a great way to save for healthcare expenses and take advantage of the many tax and financial benefits that come with it. If you’re looking for a way to save for healthcare expenses in 2023, an HSA may be the perfect solution for you. https://inflationprotection.org/top-five-reasons-to-open-a-hsa-in-2023/?feed_id=68601&_unique_id=63e284e11415d #Inflation #Retirement #GoldIRA #Wealth #Investing #Finance #HSA #NonTaxableIncome #NoTax #TraditionalIRA #Finance #HSA #NonTaxableIncome #NoTax
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