Episode #1: Health Savings Accounts with Jackie Koski
Today I talked with MoneyLetters2.com head Jackie Koski about Health Savings Accounts (HSA’s)! She wrote a wonderful book called Money Letters to my daughter. Why? Because most schools in the US don’t require students to take personal finance courses. As she wrote, many schools and groups became interested in what she taught her daughter. She ended up giving lectures in high schools and in the community of South Carolina. Her wisdom and keen eye for detail in finance speaks for itself when you listen to her. Listen for her story in collecting $2 bills, and also the power of Health Savings Accounts!
Most schools don’t require any form of finance! It’s important to get some sort of Financial Literacy in during school if you can!
Jackie’s $2 bill collection, over 1600 $2 bills!
What an HSA account is and how It’s used
HSA vs FSA Triple Tax Benefits of HSA accounts. (Now, Growing, and Later)
How HSA’s can help us prepare for common expenses in retirement
Jackie shares how much her accounts have grown
Things not to with an HSA account
HSA account hacks
How to write off HSA accounts from taxes
Don’t be scared of health care and big acronyms
HSA’s are relatively new, only been around about 10 years
Visiting doctors and labelling doctors’ visits for proper HSA coverage
- We measure everything else, but we don’t measure how much we know about money, something that everyone will deal with. Learn something new each day.
- Open an HSA account! (which requires a Qualified High Deductible health insurance, it may not be right for everyone!)
- Read this article from Mad Fientest about HSA’s
- Keep a file system of all medical receipts that you incur after opening an HSA account. So, you can pay yourself from your HSA account later if needed. (or don’t and let that money grow)
- Whenever possible ask medical professionals to label your visits as “routine visits”
- Share this episode with someone who could benefit from an HSA account.
Jackie Koski works with groups and schools to increase financial literacy in a fun enjoyable yet simple matter. She wrote a book that can be found here all about how she taught her daughter about money. She is enthusiastic and extremely knowledgeable.
www.Moneyletters2.com is her website to connect with her!
Correction: When speaking of Vanguard I spoke incorrectly, Their math ends up being 18% 401(k) not 28%. Pardon!
Check out this episode!