beyond MD with Dr. Yatin Chadha
Dissecting Health Spending Accounts (HSAs) with Justin Manning
Jul 11, 2024
Justin Manning, a licensed life and health insurance broker, shares his expertise on Health Spending Accounts (HSAs). He explains how HSAs can utilize pre-tax dollars for medical expenses, making them advantageous for many. Justin discusses eligibility criteria and what services are covered, including travel insurance. He also highlights the flexibility of HSAs compared to traditional insurance plans and addresses potential pitfalls, such as fraud. His insights help demystify HSAs, making them appealing for both individuals and businesses.
47:07
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Quick takeaways
- Health Spending Accounts (HSAs) offer tax-efficient benefits for business owners by covering medical expenses with pre-tax corporate funds.
- The flexibility of HSAs allows for a wide range of eligible expenses, including wellness services, enhancing health management for individuals and companies.
Deep dives
Overview of Health Spending Accounts (HSAs)
Health spending accounts (HSAs) allow incorporated small business owners to cover health-related expenses using pre-tax corporate dollars, rather than post-tax personal funds. This tax-efficient strategy enables business owners to allocate funds towards a wide array of eligible medical expenses, including dental, vision, and even certain wellness services. HSAs are often deemed a beneficial option for business owners, as they offer tax deductions for the corporation while providing flexibility in managing health expenses. The discussion highlights that HSAs can be particularly effective for those without employees or incorporated professionals looking to maximize their health expenditure benefits.
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