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wow I had no idea an HSA could function like a retirement account. I thought i could only ever be used on health related expenses 🤦🏽 and I work in the medical field smh. thank you so much for this I would've never opened one. So much to learn.
It can only be used for healthcare. If you use it on anything else there's a 20% penalty. AT 65 you can use it on anything else, but you have to declare it as income unless used for medical purposes. There goes taking it out is tax free.
@@1ael346 at 65, one would need to spend a lot of.medical stuff and health stuff. So, it's a win win. Plus the tax bracket for someone at 65 and retired is lower than someone at 35 and making 6 figures.
@@1ael346 it's the same as a traditional ira, which is also taxed as income. It's still extremely useful, plus you only need to take out whatever isn't already being covered by some other tax advantaged account or isn't deducted as a medical expense
Hello family ❤️❤️ the video I was waiting on. I didn’t know my job offered HSA but when you mentioned it I googled it on my job website and found that they do offer it. I just opened mine 💪🏾 I copied your Robinhood account since you guys already did the research on those stocks. I’m giving Robinhood one more chance because I did it wrong the first time. You guys are helping a lot of people with these videos, keep up the good work ❤️❤️
AutismMom 😊 THEIR research is no substitute for YOUR research. Never invest in anything you do not understand. Their choices are right for them, but may not match your risk tolerance, your investment strategy, the time you have to let your money grow, your other holdings, etc. Plus, they aren’t going to make a video for you specifically every time they make an adjustment. There is a great deal of value in investing the time to increase your financial literacy and doing your own legwork.
@AutismMom - That is soooooo exciting that you looked into your employer's HSA! Regarding stock investing, our Robinhood account is just a very tiny piece of our portfolio and we are primarily invested in total stock market index funds rather than individual stocks. For us, it's much better than individual stocks (and less risky). If you're interested in learning more about investing, I would recommend starting off with The Bogleheads' Guide to Investing (Amazon link: amzn.to/2UjEc4j). It's an incredible intro book about investing, it's super easy to read (no complicated jargon), and you can knock it out over a relaxing weekend (or a day - it's a quick read!).
@ Nedega Dolma - Thanks for adding that!:) We LOVE providing info for others and we hope it sparks an interest in others to do more research and find a plan that works best for them!
@@lzshow you can put up to 19500 on your 401k, 6k on your roth IRA, and 3550 on your HSA. If your income allows you to max out everything then yes, you should 100% do that.
Ugh! I wish I had seen this video two weeks ago when my husband and I were selecting our health plans through his employer! Next year we'll know to look closer at the plan that allows us to participate in the HSA plan. Thank you for the knowledge!
I love it! I’m 24 and this is what my wife and I are doing on our path to FI. I tell people about this HSA hack all the time. My wife is a teacher and has awesome insurance (no premiums and her employer puts $100 into her HSA each month). We haven’t withdrawn a penny from our HSA and we’ve invested it all into FZROX, a 0% management fee total-stock fund. Our method is to first put enough into our 401k’s to get our employer matches, then max our HSA, then come back to our 401k’s and max those, then max our IRAs before jumping into any taxable accounts. Love your channel, you guys give fantastic advice!
Riley - Loving your plan!!! AND I love that you are 24 and investing in your retirement accounts - sounds like you and your wife are most definitely on your way to FIRE!!! So excited for your future!!!
Yall just dont know, how yall done blew my mind. Like.....for real..... this video was soo easy to follow, I will rewatch like 5 times but still this is GOLD! Thank you!
Thanks you for explaining HSA. For years I never can tell the difference between FSA and HSA. I wish you made videos 20 years ago. Please keep doing what you do. I have learned so much from you.
Y’all are quickly becoming on of my favorite channels been watching since 50k and nobody I mean nobody who does finance really talks about HSA’s. Keep up the good work!
Thank you so much for joining us on the journey. We have so much to share so we'll keep it coming for sure ;-) Many of our videos are based on requests so please feel free to make a suggestion for a future video. Thanks again for the support :-)
HSA is AWESOME. I worked in San Francisco and my employer offered this type of insurance I didn't understand but my Manager said it was a no brainer and sign the paper lol. It covers vision, dental and doctor's visits. We are a family of 7. Very well worth it. I left my job and they mailed me a check for $1200. That what was in my account. All I did was clock in and out of work.
I ignored my HSA-related benefits when I was making my choices for 2019 since I'm in my 20s and healthy, but I will definitely never ignore it again now. Million dollar information here.
For a second year in a row, I've been hit with a $6K tax bill. I am getting tired of it. I am just a regular Fed employee. I am not "balling" like that... I had to revisit this episode... You're the first one that came to mind when I thought about making the necessary moves to lessen my tax burden. I hope that the HSA is part of my answer...
guys I really Love you. you guys opened my eyes. I had HSA for so many years and I never took advantage of it . thank you for sharing, by the way, I just bought your book. It is my way to say thank you. have a good one.
Very informative! An interesting aspect I had learned about our HSA account (Fidelity) is that you can have a set amount of savings in cash on hand (for example 3-5k) and have any future contributions invested. The investment options presented had very low EXP Ratios so that’s a plus
I just realized what an HSA is. I never had the option before but now I do with my current employer but I’ve been with them for a year. I’m about to change it to HSA now. Good job on learning about it though. You’re back on the path 🤗👍🏻
I've been tremendously blessed by your channel. As others have mentioned, your videos and the information you provide are easy to understand and follow. I find myself looking forward to your videos each week. You may want to consider writing a book at some point. Thank you for giving this gift to us. I'm grateful for your generosity and pray that you and your daughters would be greatly blessed!
Thank you so much! We have also been blessed to have so many people inspire us to keep sharing. Thank you for the kind words and blessing. And blessing to you as well :-)
I am mind blown!! I've had this account for years and never knew that I should be doing this. I just submitted a request to adjust my amount. I feel like this will increase my employer's contribution as well. Thank you so much for this information.
Great info as always. Unfortunately I live in California and won't see the triple tax advantage since HSA interest accrued by investing is taxed. But it still lowers your taxable income which is still worth capitalizing on.
Wow! I appreciate the both of you educating us on an HSA account. I always opted for FSA, and have lost so much money. Now, I know what to do next year.
I love you two , bless your souls because I made one couple years back and left it alone, didn’t know much. But now I know what I can do with it and I still have it!!! FROM THE BOTTOM OF MY HEART, THANK YOU!!!
I have a HSA account through my employer as of last year April and I just invested all the money in vanguard total stock market index fund admiral shares last month.
Amazing! This is pure gold!! I have an HSA but didn't know that I can link to a brokerage account. Thank you Amon and Christina! I will join you on "Our Rich Journey!" I am replaying the video and taking notes!
Best HSA video I have seen yet. Easy to understand and you even show us the bank you use. My biggest confusion was I didn't realize you could use it for any benefits at age 65. This took all of the hard research into 13 minutes. Wow!! Great education
Great video, great information. I just checked out my HSA and I can invest after I reach $1600. And they offer Vanguard accounts. The only thing is holding on to receipts for 20 years. I'm excited about this!
@@Poisonous45 My HSA only offers about 30 funds to choose from. Fortunately one of the funds is the Vanguard Total Stock Market Index Fund that Our Rich Journey speaks highly of. I also researched the 1 year and 5 year return history and compared it to others. And I took into the expense ratio. I'm no expert though 😁
I've maxed the HSA sense I started my current job. He's right, most people don't know about it and I work in healthcare. I told my co-worker, who is a single mom, whose been with the company for 10 years that should could have 60-70K in savings has she selected hsa (2021 max for family is approx $7000). Deer in headlights....many refuse to wrap their minds around the possibilities. LOVE LOVE LOVE these videos!!
I would like to say thank you for your videos. I just transitioned out of the Military and my wife and I are starting our FIRE journey. I have watched more than half your videos and have rewatched a few. We max out my 401k now looking into the HSA. We are looking at buying a house next may and utilize it as an investment property/rental. I will say your videos have ignited the fire. My questions for you guys are, why did you decide to move overseas to retire? Is it hard on the kids? Do you travel back to the US?
@5:49 😂😂😂. Amon, your general counsel coming to save you on those stats you engendered! Man you guys are so funny and cool to hang out with. Imagine this, 2019-2020 I have virtual friends who don’t even know what I look like. Love it! Hahaha
My company offers this and the only reason I did not go into it was due to lack of knowledge/ understanding. THANK YOU SO MUCH for explaining it further and I will look more in depth during open enrollment!
I wish I had seen this video earlier!! I’ll need to wait for my company’s open enrollment in Nov to opt for the high deductible HSA plan!! Thanks so much for all this great information!
The HSA account I have sends reminders to invest. Once you’ve saved 2000.00 you can roll over! I’m new to this. I never imagined I would have money to do these types of things! Thank you for sharing!
This was a great explanation of the HSA account. One reason many do not utilize the account is because they are thrown off by the term HDHP and the way it is explained in conjunction to an HSA. So many people are hell bent on getting that PPO plan they are used to when in reality an HSA qualified medical plan can be of any plan structure as long as it follows the rules of the HDHP.
So much power in FIRE!!! Thanks for this hack. I have been hesitant about getting into my HSA, because this aspect was not taught and I feel like they said it could roll over for one year and then it has to be used. I need to research that a bit more and in the open enrollment period next year I will definitely set this up.
@KhaliahAli - So glad you're looking more into it!!! You may be confusing the HSA with a flexible spending account (which doesn't roll over). Unlike HSAs, flexible spending accounts don't roll over and they don't have the triple tax benefit! :)
My company just started to offer this for the 2020 plan. I'm already enrolled! Single:$3,000 deductible Premium Pass through:$600/year. My premium basically amounts to $13.5/biweekly pay check. I'm still very excited even though it may not be as competitive. We do have access to Fidelity though :D!
I've only been able to use an HSA once from somewhere I worked for one year. Everywhere else I have only been offered FSA's. I only used the HSA for health care for myself, but even now, I miss it!
Ugh, I have been doing it all wrong. I have been investing but was using the account for most medical expenses. When you know better you do better. Thank you!
Good call. I've been investing my HSA account money for about 5 years now. Most agents aren't even aware of this but it's been a fantastic investment strategy for me.
Wow realy great informative video (like always 😉👍) Thanks so much! i just got my HSA 2020 And i wasn't sure if i can reimburse 15 20 years later... So u saved me the Research Time 😀
We love our HSA account as an investment vehicle. You can also withdraw HSA funds tax/penalty free starting at age 40 to help cover long-term care insurance premiums. So many benefits!
@@OurRichJourney Are we certain that the scanned copies of receipts are acceptable for the future? I've encountered stupid legal mumbo jumbo before that requires original receipts.
This is such an eye-opening video! I never knew all these benefits of HSA. Thank you so much for sharing! I'll start invest $$$ in HSA and pay my medical bills from another account.
When you guys mentioned that you were 40 years old, my jaw hit the ground so fast, I thought my mandible bone was detached from my face. You guys look early 30's at the oldest. Can you guys do a video on how to find a significant other/ partner in life that is as in sync as you two when it comes to making major life decisions? My dream is to find someone who can work with me to make major moves but I have no luck. I need to make changes.
Wow - You are waaaayyyyy too kind! Also, your comment made me look up the skeletal system - I now know what the mandible bone is! LOVE it!!! :) Also, thanks for the video idea. We've talked about doing a relationship/sig. other video. We'll have to relook at the idea to see how to present it. Thanks! :)
@@OurRichJourney Haha its the truth. You guys look great. The only reason I knew what a mandible bone was because I just took an anatomy course recently lol. Thanks for considering my video idea. Family relationships are probably more important then anything else when it comes to finance.
There should be college courses based on "simple" and practical FIRE tools such as your channel. Love you guys and very grateful for sharing! One question...is your HSA account a joint account? I myself is a veteran so I use VA healthcare primarily but we set up my wife's insurance that is HSA-qualified. Wonder if we can set up a joint HSA or it has to be individual-owned like the IRA's.
Of all the videos I’ve watched and articles I’ve read on HSA, the best punchline I was looking for is here, @2:18. After age 65, spend on ANYTHING!!!! Greeeeeatttt!!! I’m sold!!!
BUT what they did not say is if it is not a qualified medical expense it will be subject to taxes just like a traditional IRA or 401k. I save all my receipts and if I can manage, will wait until after retirement (65+) to start getting reimbursements! Tax Free!
punknhead23 I totally agree with you, that’s a key distinction. And that’s why I believe the HSA is a great savings tool but it’s not like “mind blowing”. For the same reason you mentioned, so at that point you’re working with a regular IRA for non medical expenses.
Newbie here! I have my employer sponsored HSA through HSA bank as well and they give the option to invest with TD ameritrade or Denevir. Were you guys given those two options as well? If so what made you go with TD? Will you consider doing a video on other stock options you consider to be good or comparable to those offered by Vanguard or Fidelity please? Lastly, I see other's mentioning that they move their money from HSA bank to fidelity, is there a reason that you guys did not go that route?
This video inspired a conversation about when and where is the right time to have a life insurance policy. I believe its unnecessary for low wage earners with few assets to protect. I believe they should focus on savings. More assets, more reasons to have insurance protection. Look forward to a video on this topic
I know this is reponse is 2 years to late, but insurance (term/the younger & healtier you are the cheaper it is) is actually really ideal for the low wage earner. It's not about the assets to protect, it's to protect the family. If the breadwinner dies, so does the income. Or if the stay at home spouse dies bc you now need $$ to hire someone to watch those kids.
If you retire early, you still have to wait until age 65 to freely spend this money. So, the HSA investing strategy fits into the long term investment horizon for people striving for FIRE. Makes sense! Thank you!!
I opened an HSA account 6ish years ago but I've changed jobs since then and didn't really understand what I was getting into when I opened it. I still have the account although I haven't checked the balance since I left that job 5 years ago. I only had about $1,000 last time I checked (5 years ago) I used about 2,000 to pay some medical bills I had at the time. Your channel has inspired me to look into how I can take advantage of that account since I still have it!
Thank you, I’ve been looking for exactly this information. However, I was very disappointed that you did not discuss the cases where an HSA does not make sense for some people. If your family has high medical expenses do you research before going this route.
We have all Vanguard options in our account. 60% VIIIX and 40% VWIAX. We do the same exact thing, save all receipts, use monthly budget for expenses and let the WEALTH Savings Account to grow.
Love your videos!! One important thing I didnt hear mentioned is that, after 64 if you do use the money on something that is not a qualified medical expense that money is taxable. You did call out that it basically turns into a traditional IRA but I got a little over excited until I realized that the money spent on non-medical expense is taxable. Keep up the great work!!!
I look at it like this. When you turn 65 and you need some cash, THEN is when you start turning in all those medical receipts you have been saving for years for reimbursement! You get the $$ you need no taxes!
The money is NOT taxable when u turn 65, it Acts like a ROTH IRA at 65…But if u need it before 65, u can use the medical receipts to withdraw the money u need and it won’t be taxed. But if u use it for any other reason other than medical before 65 it will be taxed. Hope that helps
Thank you, thank you, thank you! I have been trying to gain a better understanding of HSAs, their benefits and how to use them. While watching one of your other videos, on the way to a side hustle, my wife says “you must not like them that much since you haven’t subscribed.” I have finally subscribed. Quick question did the family ever consider Panama as a relocation area?
OK I just found out you can't invest your HSA with my company until you have 1,000 in the account and the first 1,000 must stay in the account. I'm in the process of paying off my car lease and buying another car in cash. Baby step 2. Once I'm done with that I will definitely revisit this option. Trying to stay focus. I love you guys!
Question for you guys, and thank you both very much the blessing of this excellent advice. Have you guys been given much of this good financial information, or is this based on your own research etc? How did you guys get so knowledgeable in this field?
I’m just discovering your videos and I’m so excited and ready to get started. I’m not sure how or where to start FIRE but will research more. Can and should I transfer my TSP(federal 401k) into these investments? I’m 55yrs old and want to insure the best retirement planning possible. Thank you so much for researching and sharing your knowledge with us. Where do I start?
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▸▸▸ www.365daystofire.com/
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Sign up and get:
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wow I had no idea an HSA could function like a retirement account. I thought i could only ever be used on health related expenses 🤦🏽 and I work in the medical field smh. thank you so much for this I would've never opened one. So much to learn.
It can only be used for healthcare. If you use it on anything else there's a 20% penalty. AT 65 you can use it on anything else, but you have to declare it as income unless used for medical purposes. There goes taking it out is tax free.
@@1ael346 at 65, one would need to spend a lot of.medical stuff and health stuff. So, it's a win win. Plus the tax bracket for someone at 65 and retired is lower than someone at 35 and making 6 figures.
@@1ael346 it's the same as a traditional ira, which is also taxed as income. It's still extremely useful, plus you only need to take out whatever isn't already being covered by some other tax advantaged account or isn't deducted as a medical expense
Hello family ❤️❤️ the video I was waiting on. I didn’t know my job offered HSA but when you mentioned it I googled it on my job website and found that they do offer it. I just opened mine 💪🏾 I copied your Robinhood account since you guys already did the research on those stocks. I’m giving Robinhood one more chance because I did it wrong the first time. You guys are helping a lot of people with these videos, keep up the good work ❤️❤️
AutismMom 😊 THEIR research is no substitute for YOUR research. Never invest in anything you do not understand. Their choices are right for them, but may not match your risk tolerance, your investment strategy, the time you have to let your money grow, your other holdings, etc. Plus, they aren’t going to make a video for you specifically every time they make an adjustment. There is a great deal of value in investing the time to increase your financial literacy and doing your own legwork.
@@MakeItSo_ST Amen to that
@AutismMom - That is soooooo exciting that you looked into your employer's HSA! Regarding stock investing, our Robinhood account is just a very tiny piece of our portfolio and we are primarily invested in total stock market index funds rather than individual stocks. For us, it's much better than individual stocks (and less risky). If you're interested in learning more about investing, I would recommend starting off with The Bogleheads' Guide to Investing (Amazon link: amzn.to/2UjEc4j). It's an incredible intro book about investing, it's super easy to read (no complicated jargon), and you can knock it out over a relaxing weekend (or a day - it's a quick read!).
@ Nedega Dolma - Thanks for adding that!:) We LOVE providing info for others and we hope it sparks an interest in others to do more research and find a plan that works best for them!
OMG the receipt tip is absolutely genius! I had no idea there was no time limit for reimbursements! Thank you for sharing!!
That was my question
Gangster.....👏
That is amazing! I had no idea that there was no time limit for that. Definitely going to do this from now on!
The HSA hack (not taking the money out) blew my mind. Such a good idea
But how do u take it out for retirement
@@lzshow at age 65, you can withdraw from your HSA penalty free. You will pay taxes on the withdrawals though.
@@thiaguinhu321123 my job has a 401k..Roth ira..Roth 401k and hsa. Do I do all 4
@@lzshow you can put up to 19500 on your 401k, 6k on your roth IRA, and 3550 on your HSA. If your income allows you to max out everything then yes, you should 100% do that.
@@thiaguinhu321123 dumb question - how come my employer site says i can contribute $6700 to HSA?
Ugh! I wish I had seen this video two weeks ago when my husband and I were selecting our health plans through his employer! Next year we'll know to look closer at the plan that allows us to participate in the HSA plan. Thank you for the knowledge!
I love it! I’m 24 and this is what my wife and I are doing on our path to FI. I tell people about this HSA hack all the time. My wife is a teacher and has awesome insurance (no premiums and her employer puts $100 into her HSA each month).
We haven’t withdrawn a penny from our HSA and we’ve invested it all into FZROX, a 0% management fee total-stock fund. Our method is to first put enough into our 401k’s to get our employer matches, then max our HSA, then come back to our 401k’s and max those, then max our IRAs before jumping into any taxable accounts.
Love your channel, you guys give fantastic advice!
Riley - Loving your plan!!! AND I love that you are 24 and investing in your retirement accounts - sounds like you and your wife are most definitely on your way to FIRE!!! So excited for your future!!!
I'm so glad I watched this video. When my HSA money gets deposited next month I will definitely invest it.
Yall just dont know, how yall done blew my mind. Like.....for real..... this video was soo easy to follow, I will rewatch like 5 times but still this is GOLD! Thank you!
You are too sweet Karie! Thanks so much for letting us know you found the video helpful! So glad to hear that!
@@OurRichJourney Opened my first HSA account this year because of you. Thank you
You made it more clearer and easily understandable than our benefits department. One of the reasons why I love and always look forward to your videos.
Thanks you for explaining HSA. For years I never can tell the difference between FSA and HSA. I wish you made videos 20 years ago. Please keep doing what you do. I have learned so much from you.
Y’all are quickly becoming on of my favorite channels been watching since 50k and nobody I mean nobody who does finance really talks about HSA’s. Keep up the good work!
Thank you so much for joining us on the journey. We have so much to share so we'll keep it coming for sure ;-) Many of our videos are based on requests so please feel free to make a suggestion for a future video. Thanks again for the support :-)
That's insane- I didn't know that HSA hack about saving receipts for later. I have learned so much from your videos- THANK YOU, keep it up.
HSA is AWESOME. I worked in San Francisco and my employer offered this type of insurance I didn't understand but my Manager said it was a no brainer and sign the paper lol. It covers vision, dental and doctor's visits. We are a family of 7. Very well worth it. I left my job and they mailed me a check for $1200. That what was in my account. All I did was clock in and out of work.
And they pulled that number out of your account right
I have had an HSA for a couple of years & I did not know it could be used this way. Thank you for sharing this information!
I ignored my HSA-related benefits when I was making my choices for 2019 since I'm in my 20s and healthy, but I will definitely never ignore it again now. Million dollar information here.
Only 20!!!! You be an HSA millionaire :-) Congrats on starting your journey early!
For a second year in a row, I've been hit with a $6K tax bill. I am getting tired of it. I am just a regular Fed employee. I am not "balling" like that... I had to revisit this episode... You're the first one that came to mind when I thought about making the necessary moves to lessen my tax burden. I hope that the HSA is part of my answer...
Thank you for sharing making this information understandable and available! I wish these lessons were taught to everyone in school!
I work for an insurance brokerage in Dallas. This video is pure gold!
I also preach this to everyone!
Very cool! Thanks Miguel!
How do I manage stocks with my jobs hsa account
15 years on TH-cam, my first time subscribing to anything. You are awesome motivators. You've changed everything. Thank you.
Man! You two are truly financial beast! I love how you two are in lock step on all of your financial endeavors!
Thank you so much for the love! We know we are very lucky to have each other :-) Two money nerds. LOL!
Hold up! Let me just stop this video right now! So I can hit the "LIKE" button! Excellent job explaining! My new favorite couple!
Wow, thanks Francine!!!
guys I really Love you. you guys opened my eyes. I had HSA for so many years and I never took advantage of it . thank you for sharing, by the way, I just bought your book. It is my way to say thank you. have a good one.
Very informative! An interesting aspect I had learned about our HSA account (Fidelity) is that you can have a set amount of savings in cash on hand (for example 3-5k) and have any future contributions invested. The investment options presented had very low EXP Ratios so that’s a plus
Thank you! I just realized I wasted TEN years of benefits!!!
Better late than never :)
I just realized what an HSA is. I never had the option before but now I do with my current employer but I’ve been with them for a year. I’m about to change it to HSA now. Good job on learning about it though. You’re back on the path 🤗👍🏻
over 10 years, never invested in HSA....thank you!!
I've been tremendously blessed by your channel. As others have mentioned, your videos and the information you provide are easy to understand and follow. I find myself looking forward to your videos each week. You may want to consider writing a book at some point. Thank you for giving this gift to us. I'm grateful for your generosity and pray that you and your daughters would be greatly blessed!
Thank you so much! We have also been blessed to have so many people inspire us to keep sharing. Thank you for the kind words and blessing. And blessing to you as well :-)
So thankful about finding you guys!!! I’m 27 and in the path of FIRE with hubby❤️
I am mind blown!! I've had this account for years and never knew that I should be doing this. I just submitted a request to adjust my amount. I feel like this will increase my employer's contribution as well. Thank you so much for this information.
Great info as always. Unfortunately I live in California and won't see the triple tax advantage since HSA interest accrued by investing is taxed. But it still lowers your taxable income which is still worth capitalizing on.
Wow! I appreciate the both of you educating us on an HSA account. I always opted for FSA, and have lost so much money. Now, I know what to do next year.
I’m so glad that you learned about HSAs! There are such great tax advantages to them!
Just got health insurance with an HSA. can't wait to start contributing on 2/1/2021 =) Thank you for sharing such valuable info.
Very cool Davy!!!
What is the annual max amount allowed to be contributed to an HSA?
@@rachelkaufman1150 I think 3600 for single... not sure about family though
I love you two , bless your souls because I made one couple years back and left it alone, didn’t know much. But now I know what I can do with it and I still have it!!! FROM THE BOTTOM OF MY HEART, THANK YOU!!!
Wow - thank yo so much for your kind words!!!
So many golden nuggets with these two! Thank You so much!
I have a HSA account through my employer as of last year April and I just invested all the money in vanguard total stock market index fund admiral shares last month.
Amazing! This is pure gold!! I have an HSA but didn't know that I can link to a brokerage account. Thank you Amon and Christina! I will join you on "Our Rich Journey!" I am replaying the video and taking notes!
Thank you for this information, you could have kept it to yourself, but was gracious in sharing. God bless you and your beautiful family!
Just signed up to max out my HSA this morning :) Thanks y’all!
That is so awesome!!! :)
Best HSA video I have seen yet. Easy to understand and you even show us the bank you use. My biggest confusion was I didn't realize you could use it for any benefits at age 65. This took all of the hard research into 13 minutes. Wow!! Great education
Great video, great information. I just checked out my HSA and I can invest after I reach $1600. And they offer Vanguard accounts. The only thing is holding on to receipts for 20 years. I'm excited about this!
engrmom98 how do you know what to invest in?
@@Poisonous45 My HSA only offers about 30 funds to choose from. Fortunately one of the funds is the Vanguard Total Stock Market Index Fund that Our Rich Journey speaks highly of. I also researched the 1 year and 5 year return history and compared it to others. And I took into the expense ratio. I'm no expert though 😁
@@engrmom98 did u invest all of it in the index fund
I've maxed the HSA sense I started my current job. He's right, most people don't know about it and I work in healthcare. I told my co-worker, who is a single mom, whose been with the company for 10 years that should could have 60-70K in savings has she selected hsa (2021 max for family is approx $7000). Deer in headlights....many refuse to wrap their minds around the possibilities. LOVE LOVE LOVE these videos!!
I would like to say thank you for your videos. I just transitioned out of the Military and my wife and I are starting our FIRE journey.
I have watched more than half your videos and have rewatched a few. We max out my 401k now looking into the HSA.
We are looking at buying a house next may and utilize it as an investment property/rental. I will say your videos have ignited the fire.
My questions for you guys are, why did you decide to move overseas to retire? Is it hard on the kids? Do you travel back to the US?
You guys are the truth! Big ups for teaching what schools wont!
Thanks so much!!! On that same note - why aren't school teaching this stuff?! :)
@@OurRichJourney Well....the system is designed to create employees. Employees use credit, pay interest, and pay maximum taxes for longer 💁
@5:49 😂😂😂. Amon, your general counsel coming to save you on those stats you engendered! Man you guys are so funny and cool to hang out with. Imagine this, 2019-2020 I have virtual friends who don’t even know what I look like. Love it! Hahaha
My company offers this and the only reason I did not go into it was due to lack of knowledge/ understanding.
THANK YOU SO MUCH for explaining it further and I will look more in depth during open enrollment!
Didn't know about the deferred reimbursement. Thanks for the sweet tip.
I work for a HSA company and understand it but to use it like this is 🔥thx for sharing
I wish I had seen this video earlier!! I’ll need to wait for my company’s open enrollment in Nov to opt for the high deductible HSA plan!! Thanks so much for all this great information!
Just learned about investing within the hsa about 12 hours before finding this video. Thanks for clarifying my understanding!
The HSA account I have sends reminders to invest. Once you’ve saved 2000.00 you can roll over! I’m new to this. I never imagined I would have money to do these types of things! Thank you for sharing!
That is awesome! Keep it up and you'll be an HSA millionaire :-)
You all just made my day on the HSA as a retirement account tip! LOVE!!!
VERY important to note - you cannot contribute MORE than the contribution IRS limit to your HSA, which includes employer and plan pass-throughs
This was a great explanation of the HSA account. One reason many do not utilize the account is because they are thrown off by the term HDHP and the way it is explained in conjunction to an HSA. So many people are hell bent on getting that PPO plan they are used to when in reality an HSA qualified medical plan can be of any plan structure as long as it follows the rules of the HDHP.
So much power in FIRE!!! Thanks for this hack. I have been hesitant about getting into my HSA, because this aspect was not taught and I feel like they said it could roll over for one year and then it has to be used. I need to research that a bit more and in the open enrollment period next year I will definitely set this up.
@KhaliahAli - So glad you're looking more into it!!! You may be confusing the HSA with a flexible spending account (which doesn't roll over). Unlike HSAs, flexible spending accounts don't roll over and they don't have the triple tax benefit! :)
Our Rich Journey I will definitely double check at open enrollment!
YALL ARE REALLY OUT HERE DOING THE LORDS WORK. THANK YOU SO MUCH!
I’m so happy I found you guys 🙏🏼
Thank you! So glad you found us, too!
My company just started to offer this for the 2020 plan. I'm already enrolled!
Single:$3,000 deductible
Premium Pass through:$600/year.
My premium basically amounts to $13.5/biweekly pay check.
I'm still very excited even though it may not be as competitive. We do have access to Fidelity though :D!
I've only been able to use an HSA once from somewhere I worked for one year. Everywhere else I have only been offered FSA's. I only used the HSA for health care for myself, but even now, I miss it!
RATS! ;-( The HSA is so awesome. Maybe you'll have access in the future and can take advantage of it then. Thanks for comment :-)
@@OurRichJourney can we invest in a fsa?
Ugh, I have been doing it all wrong. I have been investing but was using the account for most medical expenses. When you know better you do better. Thank you!
But now that you know, you can start growing your HSA investment account! :)
New subscriber and ready for Financial Independence one step at a time! Great content. Thanks
Good call. I've been investing my HSA account money for about 5 years now. Most agents aren't even aware of this but it's been a fantastic investment strategy for me.
Wow realy great informative video (like always 😉👍)
Thanks so much! i just got my HSA 2020 And i wasn't sure if i can reimburse 15 20 years later... So u saved me the Research Time 😀
Thank you for explaining the reimbursement part! I was not sure what was the purpose of them.
We love our HSA account as an investment vehicle. You can also withdraw HSA funds tax/penalty free starting at age 40 to help cover long-term care insurance premiums. So many benefits!
So, so, sooooo many benefits!!! :) Thanks for watching!
I was just thinking about investing the funds in my HSA account. Thank you! Timely and great guidance.
The receipt thing is something I hadn't thought of, genius!
Thank you! Got to save those receipts! :)
@@OurRichJourney Are we certain that the scanned copies of receipts are acceptable for the future? I've encountered stupid legal mumbo jumbo before that requires original receipts.
Can we just submit the receipt but not reimburse and accumulate, so we can reimburse in the future?
This is such an eye-opening video! I never knew all these benefits of HSA. Thank you so much for sharing! I'll start invest $$$ in HSA and pay my medical bills from another account.
When you guys mentioned that you were 40 years old, my jaw hit the ground so fast, I thought my mandible bone was detached from my face. You guys look early 30's at the oldest. Can you guys do a video on how to find a significant other/ partner in life that is as in sync as you two when it comes to making major life decisions? My dream is to find someone who can work with me to make major moves but I have no luck. I need to make changes.
Wow - You are waaaayyyyy too kind! Also, your comment made me look up the skeletal system - I now know what the mandible bone is! LOVE it!!! :) Also, thanks for the video idea. We've talked about doing a relationship/sig. other video. We'll have to relook at the idea to see how to present it. Thanks! :)
@@OurRichJourney Haha its the truth. You guys look great. The only reason I knew what a mandible bone was because I just took an anatomy course recently lol. Thanks for considering my video idea. Family relationships are probably more important then anything else when it comes to finance.
focus on your own journey and your partner will arrive. Don't look to someone else to create your life!
Wow! I have an HSA that I stopped using from changing jobs.
This is so mind blowing I don't think I can even take this in the first or second watch. I am still processing this!
Wow - thank you so much! So happy you liked it! Thanks for watching and don't forget to subscribe! :)
I didn't know any of this. You two literally changed my life. And my 17 yr old employed daughter also. She watches these videos with me.
I have an HSA but i never new i could invest its just seating there doing nothing
Ive been doing everything yall said except the receipts. I will be making that adjustment.
There should be college courses based on "simple" and practical FIRE tools such as your channel. Love you guys and very grateful for sharing!
One question...is your HSA account a joint account? I myself is a veteran so I use VA healthcare primarily but we set up my wife's insurance that is HSA-qualified. Wonder if we can set up a joint HSA or it has to be individual-owned like the IRA's.
I believe you can't be receiving any other government medical benefits. I think your wife still can qualify forn HSA.
It is open enrollment in 2021. It's HSA time!
Quick question do you investment your contribution biweekly, monthly or annually?
Of all the videos I’ve watched and articles I’ve read on HSA, the best punchline I was looking for is here, @2:18. After age 65, spend on ANYTHING!!!! Greeeeeatttt!!! I’m sold!!!
BUT what they did not say is if it is not a qualified medical expense it will be subject to taxes just like a traditional IRA or 401k. I save all my receipts and if I can manage, will wait until after retirement (65+) to start getting reimbursements! Tax Free!
punknhead23 I totally agree with you, that’s a key distinction. And that’s why I believe the HSA is a great savings tool but it’s not like “mind blowing”. For the same reason you mentioned, so at that point you’re working with a regular IRA for non medical expenses.
Newbie here! I have my employer sponsored HSA through HSA bank as well and they give the option to invest with TD ameritrade or Denevir. Were you guys given those two options as well? If so what made you go with TD? Will you consider doing a video on other stock options you consider to be good or comparable to those offered by Vanguard or Fidelity please? Lastly, I see other's mentioning that they move their money from HSA bank to fidelity, is there a reason that you guys did not go that route?
We are here to support small businesses and their employees 💥❤️
This video inspired a conversation about when and where is the right time to have a life insurance policy. I believe its unnecessary for low wage earners with few assets to protect. I believe they should focus on savings. More assets, more reasons to have insurance protection. Look forward to a video on this topic
I know this is reponse is 2 years to late, but insurance (term/the younger & healtier you are the cheaper it is) is actually really ideal for the low wage earner. It's not about the assets to protect, it's to protect the family. If the breadwinner dies, so does the income. Or if the stay at home spouse dies bc you now need $$ to hire someone to watch those kids.
A little over 10 years ago, when I came across HSA, it was a use it or lose it. Didn’t hear anything about roll over. This changes everything.
Perfect timing for sharing this with open enrollment next month. I'm definitely going to take advantage of this..!! Thank you so much..!!
So glad you have time to look into it now! It will stay fresh in your mind for next month!!! :)
If you retire early, you still have to wait until age 65 to freely spend this money. So, the HSA investing strategy fits into the long term investment horizon for people striving for FIRE. Makes sense! Thank you!!
Solid video! Very intelligent way of engineering your finances 😊
Thank you so much ;-)
Are you still investing in USRT or switched to another fund?
I wish I found this channel earlier :) I am learning so much. Too bad I dont have high deductible plan this year
So glad you're enjoying the video Asish!
I opened an HSA account 6ish years ago but I've changed jobs since then and didn't really understand what I was getting into when I opened it. I still have the account although I haven't checked the balance since I left that job 5 years ago. I only had about $1,000 last time I checked (5 years ago) I used about 2,000 to pay some medical bills I had at the time. Your channel has inspired me to look into how I can take advantage of that account since I still have it!
What is the high deductible insurance company you went with?
Did not know you could utilize your HSA this way! Thank you for the information!
Thank you, I’ve been looking for exactly this information. However, I was very disappointed that you did not discuss the cases where an HSA does not make sense for some people. If your family has high medical expenses do you research before going this route.
We have all Vanguard options in our account. 60% VIIIX and 40% VWIAX. We do the same exact thing, save all receipts, use monthly budget for expenses and let the WEALTH Savings Account to grow.
Love your videos!! One important thing I didnt hear mentioned is that, after 64 if you do use the money on something that is not a qualified medical expense that money is taxable. You did call out that it basically turns into a traditional IRA but I got a little over excited until I realized that the money spent on non-medical expense is taxable. Keep up the great work!!!
I look at it like this. When you turn 65 and you need some cash, THEN is when you start turning in all those medical receipts you have been saving for years for reimbursement! You get the $$ you need no taxes!
The money is NOT taxable when u turn 65, it Acts like a ROTH IRA at 65…But if u need it before 65, u can use the medical receipts to withdraw the money u need and it won’t be taxed. But if u use it for any other reason other than medical before 65 it will be taxed. Hope that helps
Thank you, thank you, thank you! I have been trying to gain a better understanding of HSAs, their benefits and how to use them. While watching one of your other videos, on the way to a side hustle, my wife says “you must not like them that much since you haven’t subscribed.” I have finally subscribed. Quick question did the family ever consider Panama as a relocation area?
you two are amazing, ty for helping the un educated much love
Is there any impact of the HSA when living in Portugal?
Thank you for the post neighbor and many blessings in return
Awesome Breakdown on HSA, been looking forward to this video! Great points for sure! Stay Inspired!
YES - Stay inspired!!! :) So glad you waited for the video and liked it! Thanks for watching! :)
@@OurRichJourney I enjoyed it a lot! Thanks for the quality content video after video!
OK I just found out you can't invest your HSA with my company until you have 1,000 in the account and the first 1,000 must stay in the account. I'm in the process of paying off my car lease and buying another car in cash. Baby step 2. Once I'm done with that I will definitely revisit this option. Trying to stay focus. I love you guys!
Question for you guys, and thank you both very much the blessing of this excellent advice. Have you guys been given much of this good financial information, or is this based on your own research etc? How did you guys get so knowledgeable in this field?
You guys are a gold mine of information, thank you!!!
I’m just discovering your videos and I’m so excited and ready to get started. I’m not sure how or where to start FIRE but will research more. Can and should I transfer my TSP(federal 401k) into these investments? I’m 55yrs old and want to insure the best retirement planning possible. Thank you so much for researching and sharing your knowledge with us. Where do I start?
You make a good point. Reits are better for people doing FIRE due to the dividends.