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03.22.2022 - HSA

Attendees Rating:

Excellent (91%)
Average (9%)
Below Average (0%)

Comments
Here are ideas that the attendees learned from Roy:
"Have a much better understanding of HSA's, their benefits, the custodial providers and how to maximize the benefits. I plan on asking my financial planning clients if they are covered under a qualifying high deductible plan and are contributing to the HSA.

I will also ask if a company has such a health insurance plan and HSA when meeting with 401K plan prospects."
Certain people can contribute to HSA after age 70
Excellent information.
HSA Medicare interactions & "Other income" not on 1040
"HSAs have beneficiaries

Having one person on Medicare does not necessarily cause a spouse to be ineligible for family HSA"
I did not know there were Medicare MSAs and the speaker was great.
I didn't know that filing for Social Security automatically started Medicare Part A.
I was not sure of the difference between an HSA vs an FSA and the requirement to 'use it or lose it' annually. Now I am clear on it.
It's possible to contribute to an HSA beyond SS FRA.
Necessity/opportunity to use HSA in planning before age of 40, but definitely after 40.
Not a new idea, but just reinforced my feeling that eligible individuals should take advantage of HSAs. From now on, I'll suggest that people contribute to both IRA and HSA.
USE AN HSA INSTEAD OF A ROTH
The Power of Health Savings Accounts
Presented by Roy Ramthun,
Roy Ramthun

High-Deductible insurance plans are commonplace. Health Savings Accounts (HSAs) offer anyone with a High-Deductible plan the ability to manage their out-of-pocket healthcare expenses along with an opportunity to fund retirement savings with a triple tax-advantage. In fact, 90% of HSA participants are likely to save even more than those who use only traditional retirement accounts.  

Attendees Comments:

Here are ideas that the attendees learned from Roy:
"Have a much better understanding of HSA's, their benefits, the custodial providers and how to maximize the benefits. I plan on asking my financial planning clients if they are covered under a qualifying high deductible plan and are contributing to the HSA.

I will also ask if a company has such a health insurance plan and HSA when meeting with 401K plan prospects."
Certain people can contribute to HSA after age 70
Excellent information.
HSA Medicare interactions & "Other income" not on 1040
"HSAs have beneficiaries

Having one person on Medicare does not necessarily cause a spouse to be ineligible for family HSA"
I did not know there were Medicare MSAs and the speaker was great.
I didn't know that filing for Social Security automatically started Medicare Part A.
I was not sure of the difference between an HSA vs an FSA and the requirement to 'use it or lose it' annually. Now I am clear on it.
It's possible to contribute to an HSA beyond SS FRA.
Necessity/opportunity to use HSA in planning before age of 40, but definitely after 40.
Not a new idea, but just reinforced my feeling that eligible individuals should take advantage of HSAs. From now on, I'll suggest that people contribute to both IRA and HSA.
USE AN HSA INSTEAD OF A ROTH