Maximizing HSA Planning with Ben Henry-Moreland

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🎙️ In this insightful episode, Kelly Augspurger talks with financial planning expert Ben Henry-Moreland about the strategic benefits of Health Savings Accounts (HSAs).
✨ Discover how to make the most out of your HSA, whether you're looking to cover immediate healthcare costs, or plan for long-term savings.
💰 Join us as we unpack the essentials of HSAs, exploring their unique benefits and tax advantages among many other important aspects of HSAs.
🏛️ Ben shares his expertise on maximizing HSAs through three key strategies: using funds as you go, investing for long-term growth, and balancing short-term and long-term needs, as well as, sharing loads of additional critical information concerning HSAs.
📻 Stay tuned if you're already utilizing an HSA, or considering one, this episode is packed with valuable insights and practical advice to help you make the most of these powerful savings accounts. Don't miss it!
In this episode they covered:
🔹 Triple Tax Advantages
🔹 Investment Strategies
🔹 Spousal Coordination
🔹 Long-Term Care Premiums
🔹 HSA Contribution Limits
🔹 Record Keeping
🔹 HSAs vs. FSAs
🔹 IRS Requirements
🔹 Navigating Life Changes
🔹 Expert Guidance
📽️ To watch this episode: https://youtu.be/MaBlW7FEzxE
🔗 For more information about Ben Henry-Moreland and Kitces.com, please visit:
📲 https://www.kitces.com
📲 https://web.facebook.com/ben.henrymoreland
📲 https://www.linkedin.com/in/bhenrymoreland
📲 https://www.linkedin.com/company/kitces
#HealthSavingsAccount #FinancialPlanning #SteadfastCarePlanning #kellyaugspurger #benhenrymoreland

For additional information about Kelly, check her out on Linkedin or www.SteadfastAgents.com.
To explore your options for long-term care insurance, click here.
Steadfast Care Planning podcast is made possible by Steadfast Insurance LLC,
Certification in Long Term Care, and AMADA Senior Care Columbus.
Come back next time for more helpful guidance!

Разделы

1. Maximizing HSA Planning with Ben Henry-Moreland (00:00:00)

2. Introduction (00:00:06)

3. Talking about how people can maximize Health Savings Accounts, also known as HSAs, and take advantage of those tax advantages for their healthcare expenses. (00:00:29)

4. Before you began in finance in 2012, you were a professional opera singer. Why did you make that transition from music to finance? Why the pivot? (00:00:49)

5. A general overview of what HSAs are, and why they were created. (00:02:33)

6. There are "triple tax benefits" that HSAs offer. So tell us what those are. Explaining. (00:03:39)

7. Who can contribute to an HSA? (00:05:05)

8. What are a few of the contribution rules and the limits in 2025? (00:06:49)

9. More contribution rules to consider. (00:07:56)

10. The CLTC Commercial (00:10:17)

11. What are some HSA distribution rules that we need to consider? (00:10:45)

12. A couple notable things that an HSA doesn't cover though, insurance premiums is kind of the big one. (00:12:08)

13. Kelly discusses long-term care insurance premiums and rules. (00:12:59)

14. It can be complex if you've got policies that are maybe a hybrid life and long-term care, there may be a portion of that premium that can be deducted, or that can be used from the HSA. (00:14:05)

15. What are the 3 different strategies when using HSAs that Ben often talks about? (00:14:31)

16. There's a cousin of the HSA called the Flex Spending Account but with an FSA, you have to use that money by the end of the year or else it just goes away, you just lose it. HSAs aren't like that. (00:14:58)

17. 1st Strategy: The first is using it as essentially your healthcare bank accounts. You put money into it, you keep as much money in there as you think will actually cover your healthcare costs for the year. (00:15:39)

18. 2nd Strategy: is for someone who puts money in and never takes money out as they're incurring medical expenses over time and just lets it grow, lets it compound over time they can really have a pretty substantial bucket of what can be tax free savings. (00:16:33)

19. 3rd HSA strategy: So there's a third approach that splits the difference between we're going to use this as a bank account and we're going to use this as a maximum long-term savings account. (00:19:28)

20. Which is the most widely used strategy for optimizing HSAs? (00:20:52)

21. The bank account approach is the most common method for using HSAs by the general public. (00:21:02)

22. AMADA Senior Care Commercial (00:22:42)

23. What about some common mistakes that you see people make with HSAs? (00:23:10)

24. Life transitions are places for common HSA mistakes. (00:23:30)

25. Around job changes and similarly around Medicare, there's a weird rule called the six month rule for someone who is leaving their job, who's retiring and going on to Medicare. And that's only if they're after age 65 once they retire. (00:24:29)

26. One other spot I see people tripping up around HSAs is I mentioned FSAs earlier, Flex Spending Accounts. Employers often offer these. The weird thing about this one is that FSAs are also considered a non high deductible form of healthcare coverage. (00:26:10)

27. What about record keeping? I would imagine people probably have to keep receipts, or record to some extent. What does that look like? What's recommended for HSAs? (00:28:01)

28. You also don't need to reimburse yourself for expenses in the same year you actually pay them. So if you have a surgery or something that you pay for this year, you can wait 5 years before paying yourself back from the HSA. (00:28:44)

29. Final tips, or advice on what people can do, or how they can plan to live well and use their HSAs. (00:30:24)

30. Where people can find more information about Ben Henry-Moreland, and HSA planning. (00:31:31)