Have a High Deductible Healthcare Plan? Get a Health Savings Account and Add It to Your Retirement Savings Strategy! Find Out Why in This Episode!

Back in Episode 80, I talked about Health Savings Accounts in conjunction with some high-deductible health insurance plans through the Affordable Care Act. An HSA is a great idea if you have one of these plans.

However, since I have been talking about retirement planning and saving lately, I wanted to revisit this great savings option, as these accounts can serve two purposes: protect you from medical costs in a high deductible health plan and help you save for retirement at the same time. Find out how in this episode!

In this episode, you will learn:

• What an HSA is
• The pros and cons of having one
• Who can set one up
• Who can contribute to one (and how much)
• How an HSA helps with retirement planning
• Is one right for you?

But to learn the most, talk to the HR person with your employer and/or a financial professional to get the right advice for you.

Links & Resources

• HealthCare.gov
• Blue Cross and Blue Shield of Minnesota
• IRS Publication 502, Medical and Dental Expenses
• Pros & Cons of HSAs (Investopedia)
• The Best Way to Use an HSA (CNBC)
• Things You're Wasting Money On (CNN)

If you enjoyed this episode, you might also like:

• Episode 80: Health Savings Accounts and the Affordable Care Act
• Episode 126: Tips on Saving Money on Car Insurance
• Episode 122: Tips for Saving on Your Utility Bills
• Episode 118: Tips for Saving Money on Your Cell Phone Bill
• Episoed 114: Hot Tips for Cutting the Cord

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