@@Summerbabyva86 I'd say invest your money as soon as possible. Any medical bill you need to pay, pay it out of pocket, then get reimbursed later. SAVE YOUR RECIEPTS.
Such a great song!!! Thank you George for bringing laughter to money talk. Also, kudos to your editor/s! The closeup every time you said the cashier’s name was Sean! 😂
We don't have HSA in Bahamas. Watching George/Dave/Rachel really opens my eyes to just how much our savings/retirement plans/investment accounts/mortgage facilities etc, are lacking.
HSA contributions are actually quadruple tax advantaged. Employee pretax HSA contributions are not only not subject to income tax, but are also not subject to FICA tax. This is unlike traditional 401k contributions, which are subject to FICA tax.
I don't withdraw from my HSA. I consider it part of my retirement plan. I track my medical expenses and can reimburse myself one day for all those expenses tax free!
Woah. So people postpone their reimbursements to maximize the growth? I have to think about that one. Is that really worth it? You have to pay for all your medical expenses now, out of pocket, with post-tax dollars. And even in retirement, HSA distributions are only tax free for medical expenses, but taxed for everything else.@@BadPhD777
I got new prescription glasses and went to the dentist. I forgot my HSA could cover those. I was able to rummage through the garbage and find my receipts. Got reimbursed from my HSA no problem! HSA has been a real game changer for my health!
Just used this video to help me defend the HSA vs FSA in a work group chat. Ultimately educating the team as a whole on the benefits of both FSA and HSA. I call that a win!
My company switched over to a high deductible health plan and we had meetings about HSAs and how they work...I WISH WE HAD THIS VIDEO BACK THEN! That song is a masterpiece.
One important missed detail: there is no time limit on reimbursing yourself for medical expenses, so as long as you track your expenses you can pay for them with after tax money now, and then reimburse yourself down the road with tax free money whenever you want after that money has had time to grow! huge benefit in case you build it up too big for any medical bills in retirement.
Why did the accountant get confused with the HSA account? Because someone tried to file a tax return for their 50-year-old pharmacy bills. They said it was for vintage healthcare! 😂💊
Had a senior auditor use the HSA as part of their investment strategy and they put in the max each year, but paid oop for medical expenses. Dude invested and he smiled when he retired in his 50’s.
Great video I'd recommend everyone do the math to figure out which plan is better foe me the HDHP is 1500 cheaper and my employer will contribute 2500 to the HSA and the max out of pocket is 5k so it would never make sense to get the low deductible plan even if your health costs are high.
Great video. Very entertaining. Unfortunately for me, I have to use my HSA account for actual medical expanses. If I have $100 left by the end of the year, that's a good year.
If you have a HDHP and you cant contribute much then you can just fund the HSA right before you pay your bill or buy medicine and pay with the HSA. Then you will get a bigger tax refund and it won't cost you any extra.
The HSA regulations are created by congress, they let you save, but the government doesn't want you to save too much. Depending on your income tax levels and state, you can save upwards of 30% in taxes.
If you're eligble, it's a great tool to have. Money is a tool and this adds to the toolbox! I'm not eligible, but that's not a bad thing since my medical insurance is as close to free as you can get. Good video!
So... how would you go about getting started investing with your HSA if you are part of the 88% that doesn't take advantage of investing in mutual funds?
I got on the HSA bandwagon LATE at 36. Now im maxing and investing it every year as one of the highest expenses at retirement is healthcare. If i have to pay anything for HC now, it's all out of pocket.
I wish HSA was available to folks with no insurance. For us, health insurance doesn't make sense. We have the recommended life insurance, great car insurance with good medical coverage and we pay health insurance price into a savings account.
An edit to this, our work doesn't provide health Insurance so for coverage for 3 is almost 1200 a month. Paying cash for most medical gives you a 60-70% discount as well. Not having insurance might benefit you too. But it's a case by case situation for sure.
You can get OBAMA care, you are really risking it with no insurance. Like if you got cancer your family could be in debt forever from the treatment costs.
@jackherbic6048 I'll take those risks. There is no history on both sides of the family of any risk except heart health issues, which is addressed through weight management.
Love this type of content! Not super relevant but your video made me wonder, what happens to my employer health plan when I retire? Do I start over and have to find my own? How does that work? Thx!!❤
Hi George. Awesome video. Can you share best places to grow HSAs? I am new at this and the 1st year I kept my HSA in the recommended place that wasn't good for growing. Moved my HSA to my local credit union. Which gives quarterly interest under 1%. I've heard fidelity has HSA accounts.. are there other options?
My company switched to Fidelity for HSA this year, and it's hard for me to imagine a place that has better investing options than that. It's simple enough to put your funds there in a Target Date account, which is just fine for growing your balance.
You mentioned at 65 that you can no longer contribute to an HSA. That is not completely accurate. As long as you have not applied for social security / Medicare, you can continue to contribute at age 65 and older. You must stop contributing to HSA 6 months prior to enrolling in social security or Medicare.
We need better regulation of HSAs. Mine charged $5/month maintenance fee and never allowed me to invest the money. After months of calling customer service I was still never able to access the investment feature.
Wow, I did not know that. Reason I said that is because my HSA account with HealthEquity and Fidelity does not. HealthEquity does does for the administrative fees for investments.
@@chetanjilhewar1669 thank you! I posted this question, honestly, mid watch. I didn’t realize he would mention it. I am in the market this fall for new medical and am trying to determine what would be best.
@@heatherberg2611 you’re welcome. Your company should have the information right about now before the enrollment starts if you work for a company. The reason I said that is I don’t know if you work for a company. For me, the enrollment period is in October for my company. They have regular medical and HDHP with HSA. Plus, if you work for a company, sometimes, they give you the money in the HSA if you get HDHP.
Yep, you can take it with you. You can also have multiple HSA accounts from multiple past jobs. Our old HR lead had like 8 of them from his career bouncing around between companies.
@@GeorgeKamel it’s totally on our list of things to do!! God willing, it’ll happen 😀 can’t wait!! Also, are the fresh made cookies there, any happen to be gluten free?! 😆 I know you’ll understand brotha 😜
6:05 for "Bought It With My HSA" ✅
Do you invest with your hsa while you're in bs2?
@@Summerbabyva86nope. No investing until Baby Step 4! Only fund it for the medical expenses you need it for until then
@@Summerbabyva86 I'd say invest your money as soon as possible. Any medical bill you need to pay, pay it out of pocket, then get reimbursed later. SAVE YOUR RECIEPTS.
Such a great song!!! Thank you George for bringing laughter to money talk. Also, kudos to your editor/s! The closeup every time you said the cashier’s name was Sean! 😂
@GeorgeKamel you rocked that song! 😊
This was the best video I’ve ever watched😂And extremely informative. George Kamel is the most underrated Ramsey personality. 💯
We don't have HSA in Bahamas. Watching George/Dave/Rachel really opens my eyes to just how much our savings/retirement plans/investment accounts/mortgage facilities etc, are lacking.
HSA contributions are actually quadruple tax advantaged. Employee pretax HSA contributions are not only not subject to income tax, but are also not subject to FICA tax. This is unlike traditional 401k contributions, which are subject to FICA tax.
I don't withdraw from my HSA. I consider it part of my retirement plan. I track my medical expenses and can reimburse myself one day for all those expenses tax free!
Can’t you reimburse yourself now tax free with an HSA?
@@traviscramer Absolutely. Anytime is legal, but many people choose to leave it alone until they retire because of the triple tax advantage.
Woah. So people postpone their reimbursements to maximize the growth? I have to think about that one. Is that really worth it? You have to pay for all your medical expenses now, out of pocket, with post-tax dollars. And even in retirement, HSA distributions are only tax free for medical expenses, but taxed for everything else.@@BadPhD777
I think if your retirement tax rate is more than the long-term capital gains tax rate, this isn't worth it.@@BadPhD777
Where would you put the HSA in the order of maxing out accounts? Currently you say: Match>Roth>401K
You also can't have an hsa if you have tricare.. Doesn't matter if it's tricare prime, reserve or standard
Literally the first comment I was trying to find. Thanks for sharing!
I got new prescription glasses and went to the dentist. I forgot my HSA could cover those. I was able to rummage through the garbage and find my receipts. Got reimbursed from my HSA no problem! HSA has been a real game changer for my health!
And for the people watching in California, Arizona is completely full. Absolutely no more room. Please continue on to New Mexico or Colorado.
Sorry but Colorado just turned on the “no vacancy” sign. Nebraska, Oklahoma and Kansas are great places to live.
Texas has openings if you learned to vote against things that made you flee California.
I live in New Mexico, and I want out. This place sucks.
Just used this video to help me defend the HSA vs FSA in a work group chat. Ultimately educating the team as a whole on the benefits of both FSA and HSA. I call that a win!
Great video, George! We love HSAs!
If your employer takes the money out of your paycheck, it is actually quadruple taxed advantaged because you do not pay the 6.5% payroll tax!
7.85 right? But still yes! Should have been mentioned in the video as it is supposed to be a deep dive. 😊
7.65 (6.2 for social security and 1.45 for Medicare). Agreed great additional benefit!
Thanks for covering this topic. You are right that there is little info out there about HSA’s
As a Californian who loves TN and wants to move there someday, I so appreciate your "We're full" comment. 🤣
"Like a shmuck!" LOL DUDE YOU'RE MY FAV FINANCE CHANNEL NOW. Please keep making more videos. This channel is going to blow up one day...
Hello George
Great Video
You had me rolling while listening to your HSA song - Good stuff BTW!
Thank you 🥹
My company switched over to a high deductible health plan and we had meetings about HSAs and how they work...I WISH WE HAD THIS VIDEO BACK THEN! That song is a masterpiece.
That song caught me off-guard. It was lovely!
I didn't know CA didn't honor HSA until now, thanks for the info!!
One important missed detail: there is no time limit on reimbursing yourself for medical expenses, so as long as you track your expenses you can pay for them with after tax money now, and then reimburse yourself down the road with tax free money whenever you want after that money has had time to grow! huge benefit in case you build it up too big for any medical bills in retirement.
Why did the accountant get confused with the HSA account? Because someone tried to file a tax return for their 50-year-old pharmacy bills. They said it was for vintage healthcare! 😂💊
Had a senior auditor use the HSA as part of their investment strategy and they put in the max each year, but paid oop for medical expenses. Dude invested and he smiled when he retired in his 50’s.
I try and educate my colleagues everyday about the miracle HSA .
Great video I'd recommend everyone do the math to figure out which plan is better foe me the HDHP is 1500 cheaper and my employer will contribute 2500 to the HSA and the max out of pocket is 5k so it would never make sense to get the low deductible plan even if your health costs are high.
That song though!!!! Love it George!!!!!!! You are THAT influencer!!
I don’t know what you pay your production team, but it’s not enough! Double it! Triple it! Excellent work all around.
I just opened my first HSA!
You’re the man George. I don’t qualify for a HSA, what would be next best option?
Oh, please, a song for every show!!! This time LOL was LOL. Not ROFL but LOL, yeah.
It is rare to hear George sing. Brilliant episode.
Great video. Very entertaining. Unfortunately for me, I have to use my HSA account for actual medical expanses. If I have $100 left by the end of the year, that's a good year.
If you have a HDHP and you cant contribute much then you can just fund the HSA right before you pay your bill or buy medicine and pay with the HSA. Then you will get a bigger tax refund and it won't cost you any extra.
This video is amazing. This channel is great. Commenting for algorithm, for more songs from G 👍
Another upload from my favorite Ramsey personality!
Party in the HSA MADE MY DAY!
😂❤
Florida is full too. We’re close to the point of the state sinking back into the swamps.
Make more financial songs please 😂❤
When you're dancing to George's hot single Bought It with my HSA...and you get distracted and try to get back on track 😂
As someone who lives in NJ....I will attest...our state sucks.
FSA’s suck. I don’t recommend those. HSA’s are great though. Highly recommend.
I love the HSA song!
Thank you George!
My job only offers an FSA, but ill take the short term tax savings.
Maybe you do more research of HSA and explain it to your boss and Human Resources Department.
These are the only TH-cam videos i actually laugh out loud at
So true! 😂
Best compliment ever. Thank you
George you killed it! 😂 Your production team is amazing! Love it
They’re the best in the biz
The HSA regulations are created by congress, they let you save, but the government doesn't want you to save too much. Depending on your income tax levels and state, you can save upwards of 30% in taxes.
If you're eligble, it's a great tool to have. Money is a tool and this adds to the toolbox! I'm not eligible, but that's not a bad thing since my medical insurance is as close to free as you can get. Good video!
Love it when George breaks out in song!
Well you sold me! 😃 Now I just have to convince the Australian government to start this initiative… 😅
Those song lyrics hit deep. Word ✊
So... how would you go about getting started investing with your HSA if you are part of the 88% that doesn't take advantage of investing in mutual funds?
LMAO 🤣 George loving the HSA Song !!!!!!!!!!
I got on the HSA bandwagon LATE at 36. Now im maxing and investing it every year as one of the highest expenses at retirement is healthcare. If i have to pay anything for HC now, it's all out of pocket.
😂😂😂The song was everything...No way I could not like and subscribe after that.
Love HSA Song. Awesome George!
I wish HSA was available to folks with no insurance. For us, health insurance doesn't make sense. We have the recommended life insurance, great car insurance with good medical coverage and we pay health insurance price into a savings account.
An edit to this, our work doesn't provide health Insurance so for coverage for 3 is almost 1200 a month. Paying cash for most medical gives you a 60-70% discount as well. Not having insurance might benefit you too. But it's a case by case situation for sure.
You can get OBAMA care, you are really risking it with no insurance. Like if you got cancer your family could be in debt forever from the treatment costs.
@jackherbic6048 I'll take those risks. There is no history on both sides of the family of any risk except heart health issues, which is addressed through weight management.
Watched this at work and had to walk away during the song. I almost BURSTED OUT LAUGHING! 🤣 that was great
Loved the song George! 😂
What platform should I use for a high yield savings account
I cannot get an HSA because I’m with Christian healthcare ministries. Besides high-yield savings. Any suggestions?
6:21 That HSA remix 🎶 was 🔥
How can I get an HSA if my employer doesn’t offer it? We only have FSA option.
Lmaooooo the songggg 😂 love it
I was very happy to find out that my new employer offered an HSA... plus, they put $500 in it when I opened it!
Take advantage of that HSA!
Just started investing an HSA this year. Glad it’s kamel approved!
Let’s goooo
That song kinda hit though...
Now I want a song for every video 😂
I want to start investing my HSA funds, my investing goes through Schwab but I don’t know how to choose what to invest in.
Put that stuff into an s&p 500 fund
@@DylanJo123 Thanks for the advice!
@@robloxvids2233 Thank you so much! I’ve tried educating myself via Google but it hasn’t clicked for me yet. I appreciate the info!
Interesting....I'll revisit HSA when I am 50 years old.
Love this type of content! Not super relevant but your video made me wonder, what happens to my employer health plan when I retire? Do I start over and have to find my own? How does that work? Thx!!❤
You enroll in Medicare once you retire usually. But you do have to be 65, if you retire before that you may have to do cobra
hsa's are super dope, but it's really annoying hsa's aren't recognized by the state of california. at least i save on fed income tax!
Hi George. Awesome video. Can you share best places to grow HSAs? I am new at this and the 1st year I kept my HSA in the recommended place that wasn't good for growing. Moved my HSA to my local credit union. Which gives quarterly interest under 1%. I've heard fidelity has HSA accounts.. are there other options?
My company switched to Fidelity for HSA this year, and it's hard for me to imagine a place that has better investing options than that. It's simple enough to put your funds there in a Target Date account, which is just fine for growing your balance.
@ArmadilloAl hi. Thanks for your note! I'm in the process of setting up my HSA with fidelity. Thnx again!
🎵And the cashiers name was Sean!!!🎶 😂
Wish I could invest in an HSA, but my awesome insurance disqualifies me.
Damn u killed on the singing part
You mentioned at 65 that you can no longer contribute to an HSA. That is not completely accurate. As long as you have not applied for social security / Medicare, you can continue to contribute at age 65 and older. You must stop contributing to HSA 6 months prior to enrolling in social security or Medicare.
Hey, I'm not a cashier at CVS! Lol
I have an HSA BTW.
George has set bar for info videos! Awesome job!
I like to set the bar high but I’m too short to reach them 😢
We need better regulation of HSAs. Mine charged $5/month maintenance fee and never allowed me to invest the money. After months of calling customer service I was still never able to access the investment feature.
Wow, I did not know that. Reason I said that is because my HSA account with HealthEquity and Fidelity does not. HealthEquity does does for the administrative fees for investments.
What is the difference in benefits between HSA and FSA?
FSA: you lose the money if you don’t use the left over money. With HSA, you don’t lose it. Plus look at 8:35 in this video, he does explain it.
@@chetanjilhewar1669 thank you! I posted this question, honestly, mid watch. I didn’t realize he would mention it. I am in the market this fall for new medical and am trying to determine what would be best.
@@heatherberg2611 you’re welcome. Your company should have the information right about now before the enrollment starts if you work for a company. The reason I said that is I don’t know if you work for a company. For me, the enrollment period is in October for my company. They have regular medical and HDHP with HSA. Plus, if you work for a company, sometimes, they give you the money in the HSA if you get HDHP.
You did not say sell a horse to pay medical bills😂 I remember when you told the lady to sell the horse on the show😂😂🙅🏽♂️
Next level video HSA song/guitar solo. Nice!
Thank you!
Great song. More please
Any requests?
Loving the content, George!
Most companies will match HSA contributions!!!
😂😂😂 You are the best!! Don’t tell Dave I said that!
😂😂😂 love your videos! The song was a smile on my face.
Will this song be on Spotify
Hugh Jackman and a Kamel original HSA song both in one video! What more could a girl ask for!
It’s what America needs right now
please make party in the hsa a short for youtube 😂
😂😂😂😂😂the song made my day
Drop the EP!❤
Montana is also full. Please move along.
Love this video. George is the man!
Great timing of this video! I just got a job offer that has an HSA benefit.
What happens to an HSA account if you change employers?
You get to keep the HSA account, but may still have to pay management fees yourself if your previous employer was paying it.
Yep, you can take it with you. You can also have multiple HSA accounts from multiple past jobs. Our old HR lead had like 8 of them from his career bouncing around between companies.
I didn't want to like your videos but I do. 😭
So good. Love the song.
I have no words for that Diddy you sang George. 😮
Great song
Haha the song!! 😂 hilarious. George rocks! Wish could hang in real life. Love from Iowa 🌽
Come hang at the Ramsey HQ!
@@GeorgeKamel it’s totally on our list of things to do!! God willing, it’ll happen 😀 can’t wait!! Also, are the fresh made cookies there, any happen to be gluten free?! 😆 I know you’ll understand brotha 😜
Lol loving the hsa song