Avoid This Common Mistake If You Want Financial Independence Through your Health Savings Account

***Lively has started charging $24 or forces you to hold a minimum of $3,000 in their HSA. Due to this change, I do NOT recommend them any longer. Please do not use this company. A Fidelity HSA is currently free at this time*** In this video, I'll go through the 6 HSA mistakes to avoid. An HSA (Health Savings Account) is one of the best investment accounts available to someone pursuing Financial Independence or Early Retirement. Although the name has "health savings" in it you should treat it like a "health investment" account to get the full benefits they offer. Someone who isn't pursuing FIRE can still take advantage of the benefits as well. When you use an HSA account you get access to triple tax savings. Not only do you avoid paying taxes when the money goes into the account, but you also skip out on paying taxes on the growth of your investments and when money is withdrawn from the account. The fact that you're able to invest money within an HSA is another added bonus as well. If you instead use this account as an additional retirement account by investing the money then you could grow your account to over $300,000 as a single person or over $680,000 as a family. Check out this HSA video where I go through even more tips to maximize a Health Savings Account: Fidelity HSA: Check Out My Recommendations (It helps support the channel): 🔥 M1 FINANCE Investing- Free $10 (once you deposit at least $100 within 30 days) Here's a video on how to use M1 Finance 📝 Empower (previously called "Personal Capital")- Free Net Worth Tracker & Retirement Planner 🔒 AURA - 14 day free trial to see if your personal information has been leaked online 💎 WEBULL - Up to 12 Free Stocks When You Deposit Any Amount Of Money 💵 ROBINHOOD - 1 Free Stock Join the Private Financial Independence Community for monthly private live streams, video calls (with myself and the community), as well as access to a discord group where we talk all things money (and a lot more): 📧 Business Inquiries: JarradMorrowYT@gmail.com YOU'LL FIND THESE PLAYLISTS HELPFUL: 🏆 Financial Independence Retire Early Playlist: 💵 All Things Investing Playlist: 📲 Follow me on Instagram: Affiliate Disclaimer: Some of the above may affiliate links. Support the channel by signing up or purchasing through those links at no additional cost to you. I appreciate you for helping me keep this channel running Disclaimer: This video is for entertainment purposes only. Everyone's situation is different so do your own research before making any decisions with your money. If you need help then contact a Certified Financial Fiduciary before trying anything that is mentioned in this video. I prefer a Fiduciary financial advisor that charges an hourly fee as opposed to an ongoing fee based on a % of your portfolio. Always remember that incentives determine the type of advice they give you so one that charges an hourly fee is less likely to be problematic. #HealthSavingsAccount #HSAAccounts...(read more)

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Health Savings Accounts (HSAs) are a great financial tool for those looking to take control of their healthcare spending and save money for future medical expenses. However, there are some common mistakes that can easily be made when using an HSA. One of the biggest mistakes is using HSA funds for non-medical expenses. It’s important to remember that an HSA is not a traditional savings account. The money in an HSA can only be used for qualified medical expenses. These expenses include deductibles, co-pays, prescription medications, and certain medical procedures. If you withdraw funds from your HSA for non-medical expenses, you will be subject to penalties and taxes. For those under the age of 65, the penalty for withdrawing HSA funds for non-medical expenses is currently 20% of the withdrawal amount. This penalty is in addition to income taxes that must be paid on the withdrawal. Using HSA funds for non-medical expenses can also negate any potential tax benefits of the account. Contributions to HSAs are tax-deductible, and any funds used for qualified medical expenses are tax-free. If you use HSA funds for non-medical expenses, you will not be able to take advantage of these tax benefits. Unfortunately, many HSA account holders are not aware of the rules and end up using HSA funds for non-medical expenses. According to a recent survey by the Employee Benefit Research Institute, 14% of HSA account holders reported using HSA funds for non-medical expenses. To avoid making this mistake, it’s important to keep accurate records of all HSA transactions and only use HSA funds for qualified medical expenses. Some HSA providers even offer educational resources and tools to help their account holders make the most of their accounts. HSAs are a valuable tool for financial independence and can have significant tax benefits. However, it’s important to use them wisely and avoid the mistake of using HSA funds for non-medical expenses. With careful planning and attention to the rules, anyone can make the most of their HSA and achieve financial independence. https://inflationprotection.org/avoid-this-common-mistake-if-you-want-financial-independence-through-your-health-savings-account/?feed_id=101697&_unique_id=647203e6ef5ae #Inflation #Retirement #GoldIRA #Wealth #Investing #daveramseyshow #EarlyRetirement #FinancialIndependence #FinancialIndependenceRetireEarly #firehsa #FIREmovement #healthsavingsaccount #highdeductiblehealthplans #howtoinvesthsafunds #howtoopenhsaaccount #howtousehsaaccount #HSA #hsaaccounts #hsaaccountsforFIRE #hsabank #hsabankinvestment #hsabenefits #hsaexplained #hsainvestment #hsainvestmentoptions #investinghsafunds #jarradmorrow #jarradmorrowhsa #livelyhsa #whatisanhsa #FidelityIRA #daveramseyshow #EarlyRetirement #FinancialIndependence #FinancialIndependenceRetireEarly #firehsa #FIREmovement #healthsavingsaccount #highdeductiblehealthplans #howtoinvesthsafunds #howtoopenhsaaccount #howtousehsaaccount #HSA #hsaaccounts #hsaaccountsforFIRE #hsabank #hsabankinvestment #hsabenefits #hsaexplained #hsainvestment #hsainvestmentoptions #investinghsafunds #jarradmorrow #jarradmorrowhsa #livelyhsa #whatisanhsa