Health Savings Accounts (HSAs) are one of the most tax efficient accounts available today, boasting rare triple tax advantaged status. For some High Net Worth Investors, these accounts may be used as a “stealth” way to max out retirement savings.
Andy Hagans joins Michael to discuss who can and should use HSAs, key considerations when setting up and administering an HSA, and common mistakes that can bite investors.
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Episode Highlights
- Who can use an HSA, and who should use this account as a “stealth IRA.”
- How much tax-sheltered retirement wealth the HSA can potentially create.
- Factors to consider when selecting an HSA administrator and requesting reimbursements.
- How to avoid triggering costly penalties, as well as other common mistakes.
- Summary of the risk associated with using the HSA as a retirement savings account.
Episode Resources
- Ultimate Guide To Health Savings Accounts [PDF]
- HSA Wealth Creation Tool
- IRS Publication 502: Medical and Dental Expenses
- IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans
- IRS Form 8889: Health Savings Accounts
Today’s Guest: Andy Hagans
About The Tax Efficient Investor Podcast
On the Tax Efficient Investor podcast, we show you how to protect, grow, and transfer your wealth by implementing tax-advantaged investment strategies. Host Michael Johnston demystifies tax strategies that are favored by the most successful and sophisticated investors, including 1031 exchanges, IRA & 401k plans, HSA accounts, trusts, real estate, and more.
