Maximizing Tax Advantage with Health Savings Accounts (HSA)

This chapter discusses the tax advantage of using a Health Savings Account (HSA) as a long-term investment strategy. It emphasizes budgeting for healthcare expenses and having an emergency fund. The speakers also discuss the impact of having children on healthcare costs and the limitations of healthcare brochures.

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HMO or PPO? Go for the high-deductible health plan, or accept the higher premiums? Opt for the copay or coinsurance model? Can you trust the little brochures that subtly guide you to a “lower-cost” option, or are those marketing materials? How does healthcare use big data to offload more of your medical costs onto you?

It’s fascinating that personal finance content doesn’t focus more on navigating the US healthcare marketplace—after all, just one mistake that leaves you underinsured can wipe out months (if not years) of accumulated savings from buying store-brand options and trimming back on subscriptions. When your out-of-pocket maximum is more than $10,000, the stakes are high.

My guest this week, Sarah Khan of My Voice My Health, is a healthcare executive by day and a patient advocate by night. She answers all my questions with a level of insight I hadn’t considered before, and they’re sure to help you make the best choices this open enrollment season.

And in this week's Rich Girl Roundup, we talk about if pausing your investment contributions in a bear market is the right move.

To learn more about our sponsor, Vin Social, check out http://vinsocialvip.com/.

Episode transcripts can be found at https://www.podpage.com/money-with-katie-show/.

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Mentioned in the Episode

Check out Sarah's healthcare open enrollment cheat sheet: https://www.myvoicemyhealth.com/openenrollment
Open enrollment with Healthcare.gov: https://www.healthcare.gov/
Money with Katie post on How I'm Budgeting for Healthcare in the US in the Least Frustrating Way: https://moneywithkatie.com/blog/how-im-budgeting-for-healthcare-in-the-united-states-in-the-least-frustrating-way
Money with Katie episode on Navigating the US Healthcare System without Getting Financially F***ed: https://podcast.moneywithkatie.com/navigating-the-us-healthcare-system-without-getting-financially-fed/
Money with Katie post on 3 Myths about Single-Payer Healthcare Systems: https://moneywithkatie.com/blog/myths-about-single-payer-healthcare
Majority of Americans who file for bankruptcy affected by medical issues: https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most-americans-file-for-bankruptcy.html
JP Morgan Asset Management on market timing: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/is-market-timing-worth-it-during-periods-of-intense-volatility/