What if the money you set aside for healthcare could also help you build wealth for the future? In this episode of the YMyHealth Podcast, Co-Host Julie Woon is joined by financial advisor Jeremy Woltz, who breaks down how health savings accounts (HSAs) work and why they can be one of the most powerful tools for building wealth while covering medical costs. Woltz, who is a financial advisor with the Main Street Group in Richmond, Virginia, explains who can use an HSA, how it differs from an FSA, and how to decide whether to spend or invest the money. We discuss practical strategies for young professionals, parents, people with chronic conditions, and anyone trying to use healthcare dollars more efficiently.
🎧Tune in now to learn about the biggest mistakes people make with HSAs, how to easily do receipt tracking, and about making the most of an HSA in your retirement years.
Highlights:
- (00:00) Welcome to the YMyHealth Podcast
- (00:35) Meet Jeremy Woltz and the focus on HSAs
- (01:16) What an HSA is and how it works
- (02:00) Why younger adults should care about HSAs
- (03:04) HSA versus FSA explained
- (05:02) Who may not be a good fit for an HSA
- (06:17) The triple tax advantage
- (07:21) Qualified HSA expenses, including therapy and fertility care
- (08:24) What happens if you use HSA funds for non-qualified expenses
- (09:40) When to invest HSA money versus keep cash
- (10:46) Annual contribution limits and employer contributions
- (11:39) Where the HSA fits in a broader financial priority list
- (13:39) Using an HSA as a stealth IRA in retirement
- (14:49) Downsides and limits of the long-term strategy
- (17:05) Real-life scenario: healthy 28-year-old
- (18:16) Real-life scenario: 35-year-old with kids
- (19:32) Real-life scenario: chronic condition or regular prescriptions
- (20:31) What happens to an HSA when you change jobs
- (21:35) What to do if your employer does not offer an HSA plan
- (22:42) How married couples should think about HSAs
- (24:38) The out-of-pocket reimbursement strategy
- (25:56) Receipts, EOBs, and recordkeeping tools
- (27:58) Using HSA funds for Medicare and COBRA premiums
- (29:40) What happens to an HSA when you pass away
- (31:05) HSA strategies to be cautious about
- (32:17) The biggest mistake people make with HSAs
- (33:21) Common misconceptions about use it or lose it
- (34:21) When maximizing an HSA can go too far
- (35:24) Rapid fire: invest it or spend it
- (35:34) Rapid fire: an HSA expense people miss
- (35:45) Rapid fire: an overrated HSA hack
- (36:04) What to do if you have been ignoring your HSA
- (36:29) What millennials should understand about healthcare and wealth
- (37:32) Tax reporting and Form 8889
- (38:53) Where to find Jeremy Woltz and the Main Street Group
Links:
Interested in sponsoring the YMyHealth podcast? We'd love to partner with brands and organizations that align with our mission of providing healthcare education to millennials. Contact us at
ymyhealthpodcast@gmail.com for sponsorship opportunities.
**Thank You to Our Sponsors**Dr. Sarah Diekman, Director of
Diekman Dysautonomia! If you’d like to learn more about our sponsor and her practice that provides care to patients with POTS and Long COVID, go to
https://dysautonomiaexpert.comLucid - One solution for all your business finances: Bookkeeping, Taxes, Tax Credits, and CFO Services, all in one place at (an affordable price).
Plus, they offer free IRS tax credit research, finding money you are owed! Learn more and become a client at:
https://www.lucid.now/ For practice owners and entrepreneurs, Lucid can take the work of business finances off your long to-do list.