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How To Leverage Your Health Savings Account

October 29, 2020

The Principle:

Are you saving in an HSA right now? Do you know how and why it may be a helpful part of your investment plan? Find out more on today’s podcast.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

As the election and the end of the year approaches, many people are hurrying to get certain things done. Today we will talk about estate plans and how to protect your assets as well as preparing for health expenses with HSAs.

We all tend to put things off as long as possible. But when it comes to estate planning, it’s important to have everything in line for the future. Right now, FOX is reporting that people are rushing to get their estate plan in line before January in case Biden gets elected.

Estate planning is more than having a will. Have you considered whether or not a trust makes sense for you? What are the pros and cons of having a trust? Estate planning can include businesses and real estate. Do you have an estate plan?

Federal health officials predict that 70 percent of people will need long-term care insurance. Should you use your HSA to fund long-term care costs? How does it work? What’s the difference between an HSA and an FSA? You can use an HSA put money in it, pre-tax, and then you can let the money grow. You are then able to use the growth tax-free for healthcare, medical, dental, and vision expenses.

Do you think you’ll have more or less healthcare expenses in retirement? It’s important to plan for long-term care expenses and every strategy has its pros and cons. Be sure to understand your options by meeting with an advisor so you can be prepared if and when the need arises.

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:16] – FOX News is reporting a rush of people getting an estate plan.

[2:03] – Estate planning isn’t just about getting a will.

[4:38] – How does estate planning impact people who are not wealthy?

[7:23] – Is an HSA good for covering long-term care costs?

Today’s Truth:

Do you think when you get into your late 70s and 80s that you’ll have more healthcare expenses or less?

Brian Bowen

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Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the deferred payment plan Bobby Bonilla and his agent were able to work out