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Can you make a deductible contribution to an HSA (Health Savings Account)? Will the distribution in the HSA be tax-free or penalty-free? In today's episode, we're sharing these two flowcharts which you can use as a tool to help determine if this is going to be the right path for you to implement for yourself personally, or in your business (for yourself and your employees).
This is only a 30,000-feet view because there are a lot of people involved before you actually buy into this decision. We’re talking about your insurance company, tax professional, and even your financial planner.
If you feel like this doesn't apply to you, then just think again. It's always good to be prepared for when it does. And so, the point of our podcast today is just to inform, educate, maybe inspire you to think beyond your working years, and how a tool like an HSA might benefit you now, and at retirement.
If you have medical issues or if you need another investment strategy because you're relatively healthy, the HSA is a nice little vehicle that you can add to your long-term planning and your retirement in the future.
There's something you can do to take care of yourself and your people. And if you're scared or intimidated about taking care of people, just think about how that's not allowing you to grow. That being said, it's never too early to start to think about the long-term plan because we are all aging every single day.
In this episode, you will hear:
- The benefits of HSAs
- How the HSAs benefit you at retirement
- The need to take advantage of your insurance plans
- How much you’re saving on taxes
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Supporting Resources:
Gusto for Payroll – https://gusto.com/?referral_token=tbl283&utm_source=inapp
HSA 2022 Flowchart on Tax and Penalty-Free Distributions.pdf – https://drive.google.com/file/d/1zubM_lPTh9PNIwvZpYVFE7TmOudAvHiv/view?usp=sharing
HSA 2022 Flowchart on Deductible Contributions.pdf – https://drive.google.com/file/d/1wc68uPDZz6otRjz8x8-S2xQLiMxsvRjE/view?usp=sharing
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