Manage episode 343110575 series 2950605
What might be the single best tax break for a physician’s family? Surprisingly, a health savings account (HSA) may be the right option for your physician family. An HSA account is a vehicle where a physician can save on taxes when money is deposited for future health care expenses. So, how does a physician qualify for an HSA account? What is the tax break of an HSA for a physician? Tune in to learn how the HSA account can be used, how it can be invested, and the benefits of the account post-retirement.
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IN THIS EPISODE
- [0:46] What is a health savings account (HSA)?
- [1:54] How does a physician qualify for an HSA account?
- [4:00] What happens when the money is taken out of the account?
- [5:21] What is the tax break of an HSA for a physician?
- [9:15] The HSA money can be invested.
- [10:25] Example of how to use the HSA account for medical bills.
- [16:40] If the HSA isn’t used, it can be transferred to an IRA upon retirement.
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