What Happens to My HSA Account When I Die #69

How should your Health Savings Account factor into your plans for retirement? Who should you list as a beneficiary for your HSA? Is it really worthwhile to use an HSA to protect your money? If you are worried about how to factor your HSA into your retirement plan, you’ve come to the right place! On this episode, you’ll hear me answer some important questions about Health Savings Accounts from a listener like you. If you’d like to ask a question, make sure to leave a comment and let me know - I’d love to hear from you! 

You will want to hear this episode if you are interested in...

• Options for your HSA when you die [1:00]

• Who you can name as a beneficiary for your HSA [3:00]

• Using a Trust to pass on your HSA [5:20]

• Naming your estate your beneficiary [7:00]

• Closing thoughts [8:30]

Why I love HSA’s

If you’ve heard me speak on this topic before, you know that I love HSA’s. The main reason I love HSA’s is for their triple tax savings properties. 

When you contribute money to your HSA, the funds are not taxed. This is similar to a traditional 401(k) or IRA. Additionally, HSA account holders can also grow the funds in their account through interest and, potentially, through investing - unlike other growth options, the increase in funds is not subject to taxes. Finally, funds spent from an HSA are not taxed as long as they are spent on qualified medical expenses. In other words, account holders can’t use their HSA funds to pay for a vacation or buy a new big-screen TV, but they can fund doctor's visits, dental and vision care, etc.

Join me on this episode as I expand on the benefits of using an HSA, who you should list as a beneficiary, and so much more. You don’t want to miss a minute of this informative episode!