040- All About The Health Savings Account (HSA) The Ultimate Retirement and Investment Account W/Jackie Koski
Episode description
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.
(YNAB, my favorite budgeting app is giving Journeyers a 2-month free trial, no credit card required to try their amazing budgeting system, check it out here!)
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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
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