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Any healthcare consultants here?
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Hello fishes need referral for HCL, please help.
Hi all, I am hiring Core Assurance Managers at EY with experience in Statutory Audit, Fund Accounting, Hedge Funds, Private Equity in Bengaluru, KA.
Qualified CA or ACCA or CPA with 5 to 10 years of experience preferably from Big 4's or Investment Banks.
If this opportunity interests you, please do share your profile to Mohammed.Faizan.Mohammed.Altaf.Arbani@gds.ey.com
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The HSA is one the best investment vehicles and the only one that has a triple tax advantage.
1. You put in money pre-tax (like a traditional IRA/401k)
2. Money in the account grows (you can invest HSA funds in something like SP500 or US market)
3. Distributions can be taken out tax-free (like a Roth IRA/401k) for qualified medical expenses
- Some employers also offer an HSA match, similar to a 401k match
- If you don't use all your HSA funds (maybe you don't have many medical expenses in your life), it gets treated like a traditional IRA/401k at age 65. Meaning you can take out distributions for non-medical expenses penalty free (but you will pay taxes on it in this case)
- Unless you need the money, you should not pay for medical expenses with your HSA at a young age. Keep the receipt and pay the expense out of pocket. By leaving money in the HSA, you allow it to grow for 40+ years. Then way later in life, you can take the money out.
>Example: You have a $2k qualified medical expense. You pay it out of pocket instead of HSA. That $2k grows to $10k. You now take out the $2k years later tax/penalty free from your HSA. In case you get audited, you have the receipt as backup. The receipt can be years and years old, as there is no deadline for when you need to "claim" your HSA funds.
Thank you for this. Very Helpful!
Rising Star
HSA has triple tax benefits (no tax on contributions, gains or withdrawals for medical) and turns into the equivalent of a 401k at 65 (taxed withdrawals). Since highest costs in retirement are often medical, it’s a much more tax advantaged option and can be used for non medical at retirement too. A lot of employers also have some kind of hsa match as well.
What about an FSA? This vehicle doesn’t allow rollover. So if you are healthy and don’t spend it the same year then you loose your money. Curious if people see benefits in an FSA if your young and healthy.
Pro
I also used special FSA for money to pay for kid’s braces. I got the braces quote (after insurance) and put that exact amount away. I also use special FSA if I need new glasses or contacts and I generally know about how much it will cost.
Pro
HSA contributions are also pre-ss and Medicare so you save 6.2% + 1.45%
It’s triple tax advantaged — no taxes paid on contributions, growth, qualifying withdrawals (if organized and keep your receipts, can take those anytime)
You get the best of a traditional Ira( current deduction) and Roth ( tax free gains) if used for medical expenses.
Does hsa go away if we go to universal healthcare and get rid of private
There a lot of things you can use HSA for other than insurance. Even if you have no qualified expenses, it can be withdrawn like a traditional Ira after 65
Can I put money into an HSA if I am still on my parents health insurance? I feel like I was told no, but after reading this thread, I feel like I could have an HSA?