Oct 12, 2018
As planners, advisors, and CPAs, we all know that the Health Savings Account is the best retirement account out there. If you’re not contributing to one, you need to ask yourself - or your financial planner - why not, especially if you’re a high income individual or a business owner who has a high-deductible health insurance plan.
The HSA is the only retirement account that offers the triple whammy of tax deduction, tax deferral, and tax free withdrawals - and there are many ways you can use it that aren’t simply as a healthcare slush fund.
If you and your family qualify, there are likely surprising ways that you can take tax-free distributions. You can also quickly grow an HSA if you’re just now starting one, and though there are a couple of caveats, there is basically no reason not to make an HSA a major part of your retirement portfolio.
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