Join host Shaun Morgan on The Teacher Money Show as he dives into the world of Health Savings Accounts (HSAs) for teachers. In this episode, Shaun highlights the tax-free benefits of HSAs for medical expenses, explaining why an HSA is mathematically the best health plan option.
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In this episode I provide an overview of HSA eligibility requirements, including minimum deductible amounts and maximum contribution limits per year. I also discuss the tax benefits of HSAs, especially tax-free growth and withdrawals for medical expenses. Remember to choose an HSA provider with low fees and a reasonable reserve requirement for investing.
I then compare two health insurance options, demonstrating how to compare plans based on monthly premiums and out-of-pocket maximums to determine the best option for individual medical situations. Despite higher out-of-pocket maximums, HSAs can offer significant tax savings and flexibility for medical expenses, making them a powerful retirement investment option.
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