This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/2019/03/18/100k-hsa/
This selected trade connected news Feature, was selected personally by Marcus lee, who is one of our undercover online business news reporters – will provide you further insight in how these points of discussion could be translated into your own business Launchs.
At some point I become obsessed with the idea of having $100k in a Health Savings Account.
Obsessed may be the wrong word because it’s something I have very little control over.
But I still think it would be pretty cool to have $100k in an HSA.
For 2019 the maximum HSA contribution for an individual is $3,500 and for a family is $7,000. If you are 55+ at any point in 2019 you can contribute an extra $1,000.
With how expensive health care is today, it wouldn’t be unheard of for an individual to spend $3,500 in a year, or a family to spend $7,000 in a year, on medical expenses.
But to get to the coveted $100k in your HSA you would need to deposit more than you spend, and it takes just one illness with crazy high prescription drug costs, or a surgery, or an overnight at a hospital, to spend $3.5k or $7k on medical expenses in a given year. And if you spend everything you put into an HSA, you won’t be able to continue to build the balance.
But let me take a step back and explain what an HSA is and why I love maxing it out each year.
How an HSA Works
If you have a high deductible health plan (HDHP), you can take advantage of an HSA. HDHPs are becoming common for a variety of reasons. First, they come with lower monthly premiums, which consumers react positively to. Second, health insurers believe that when a consumer is responsible for th… Read More
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