The Health Savings Account, introduced in the early 2000’s, has proved to be the ultimate retirement and investment account–particularly for those on the road to early retirement. Certified Educator in Personal Finance (CEPF®) and Health Saving Account (HSA) expert, Jackie Cummings Koski, joins us on the show to discuss everything from how to obtain an HSA account to how to invest the money that you contribute.
As one of 6 children raised by a single father, Jackie knows firsthand what it means to struggle financially. As a result, she made educating herself about finances and investing her personal mission. From the knowledge that she acquired, she wrote her book “Money Letters 2 My Daughter” as a way to educate her then 14-year-old daughter on what it means to be financially savvy. Today, Jackie has grown her HSA account to more than $100,000 as is on track to retire early in her 40’s.
In this episode we discuss:
- The definition and benefits of the Health Savings Account (HSA)
- How to enroll in an insurance plan with an HSA
- Things to consider when enrolling in an insurance plan
- When to consider enrolling in a traditional plan vs. a high-deductible plan
- Annual contribution guidelines
- How and when to access the money within your HSA
- Shopping around for the right provider
- Inheritance of an HSA account
- The expenses that you can use HSA money for (qualifying reimbursements)
- Jackie’s early retirement plan
At the end of the podcast, I also talk about the waitlist to the soft launch of my monthly membership program. Get monthly tips, tools, and classes to help you launch to Financial Freedom. Click here to sign up and be the first to be notified when the doors open in Summer/Fall 2018.I'm listening to Episode 40 of the #journeytolaunch podcast, All About The Health Savings Account (HSA) :The Ultimate Retirement and Investment Account w/ @moneyletters2 Click To Tweet The HSA is the only account where you don’t have to pay the taxes now or later. -@moneyletters2 Click To Tweet With a high deductible insurance plan, the premiums can be as much as 10x lower than you what you would pay for a traditional plan.-@moneyletters2 Click To Tweet Companies are starting to move toward high deductible plans with HSAs.-@moneyletters2 Click To Tweet There is no time limit to reimburse yourself from your HSA account. Click To Tweet
Other related blog posts/links mentioned in this episode:
- Jackie’s book “Money Letters 2 My Daughter”
- IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans
- IRS Publication 502, Medical and Dental Expenses
- Join me at the Brooklyn Financial Educational Expo!
- Join The Weekly Newsletter List
- Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!
- Watch me on News12 Watch my latest segments on News12
- My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals
- YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.
Connect with Jackie on:
Connect with me:
- Journey To Launch Instagram
- Journey To Launch Twitter
- Journey To Launch Facebook Page
- Join the private Facebook Group