003 What’s an HSA and why you need one!
This is our first non dental topic that we have had on the podcast! In fact, if you have a “High Deductible Health Plan” then no matter what you do, this episode is for you! One of the best tax advantaged accounts people can have is a a Health Savings Account or HSA, and if you have a high deductible health plan then you and your family are eligible to open up an HSA. The beauty, as we will discuss, is that the money goes in tax free, grows tax free, and if used on medical expenses comes out tax free! Thats triple tax free folks!
Of the various non dental topics to consider this was the first one I wanted to tackle because for me personally its had some relevance of late. In the episode, I discuss my wife’s recent knee surgery and what it looked like for us to have a high deductible plan and the choices we had having opened up an HSA last year. Even if your a seasoned veteran on how an HSA works I think there are some little caveats you will take away that make it worth the listen.
As we discuss in the episode one of the biggest resources for me has been the White Coat Investor. If I can recommend one site to get non biased personal finance advice this would be it! Dr. Dahle has multiple articles written about HSAs and I would urge you to take a look at his site. Remember, that as of February 2017 the contribution limits to an HSA are $6,750 for families and $3400 for singles.
Also I wanted to give a shout out to Dr. Ryan Cregger aka: Daniel’s boss, for jumping on a call and being open about his status on using an HSA. The hope is that this episode gets all of you from talking about it to actually putting money into it! Thanks for listening and remember to check us out at www.millennialdentist.com and follow us on Instagram @millennialdentist!