In this special two-part episode we unveil the 'Wealthy Custodian,' Jeff York (from episode 74 & 76), and take a deep dive into the world of Health Savings Accounts (HSAs). Jeff joins as co-host along with Bill and Jackie (our HSA Maven) to share how they supersized thier HSAs and discovered how powerful they can be on the path to FI. This comprehensive series starts with Part 1 where we explore tips, tricks, and common misconceptions about HSAs and tackle little known strategies that are rarely discussed. We'll also talk about who should consider a high deductible plan, eligible expenses, bright ideas like using your HSA for health expenses abroad, and even IRA to HSA transfers. Whether you are new to HSAs or looking to maximize your FI strategy, you won't want to miss this episode. Stay tuned for Part 2 where we explore HSA drawdown strategies, advanced scenarios and answer listener questions!
For this episode we are providing a formal presentation here:
PDF of Full HSA Presentation
đConnect with us
Buy CUtFI a coffee
Record a message for CUtFI
Thank you to our sponsors:
Abundo Wealth: Advice-Only Financial Planning for Everyone
DeleteMe: Your personal data is yours again
Personal Finance Club: Use code CUTOFI to get $30 OFF any course or PFC investing course only
Nectarine: Advice-Only Financial Advisors (Catching Up to FI will be compensated by Nectarine if you use our affiliate link, which creates an incentive and conflict of interest. We are not current clients or employees of Nectarine.)
Boston Institute of Finance Personal Growth Track: Enter code catchingup to get 5% off any âPersonal Growth Trackâ course or package
Resources mentioned on the show: (As an Amazon Associate, I earn from qualifying purchases.)
HSA Rules and Regulations (IRS Pub#969)
Qualified Medical/Dental/Vision Expenses (IRS Pub#502)
Preventive Care and Chronic Conditions (IRS Notice)
Morningstar / Best HSA Providers
Kitces / HSA âDeathbed Drawdownâ
Fidelity / HSA Education
Wex Health / HDHP with HSA vs. traditional health plan calculator
Consumer Friendly List of HSA-Eligible expenses
đ Time stamps:
00:00 Introduction to the Special Episode
00:07 Unveiling the Wealthy Custodian
00:33 Diving into HSAs: Tips, Tricks, and Misnomers
03:00 Personal HSA Journeys
13:09 Understanding High Deductible Plans
25:02 Flexible Spending Accounts vs. Health Savings Accounts
28:11 HSA Eligibility and Contribution Limits
34:09 State-Specific HSA Tax Rules
37:58 Unique Provisions for Different States
38:10 Understanding the Last Month Rule
40:09 HSA Eligible Expenses
41:48 Supersizing Your HSA
42:27 Investment Strategies for HSA
44:50 Maximizing Contributions and Advanced Strategies
47:20 Reimbursement Strategies and Record Keeping
52:40 IRA to HSA Conversions
01:02:16 Bright Ideas for HSA Usage
01:09:21 Using HSA Funds Abroad
01:11:30 Conclusion and Final Thoughts
Disclaimer: Our content is for general education and information purposes only. We are not providing financial, legal, or tax advice. Always do your own research or consult a professional before making important decisions.
