Many people open a health savings account because their employer set one up. In Corey’s experience, they then use the debit card when a medical bill arrives and treat it like a checking account.
On the latest episode of Dime After Dime, host Tony Stich sits down with Corey Grant to talk about what an HSA can be when it’s treated less like a checking account and more like part of a long-term plan. Tony shares his own early experience with one, and the two cover a range of common questions about HSAs.
Why So Many HSAs Sit Untouched
Corey shares what he’s seen in how people tend to use these accounts and offers a few theories on why. They range from what an employer happens to offer, to account minimums, to the simple habit of thinking of the account like a checkbook. Tony adds a story about what he did when he first opened his own, before he’d done the research.
Then comes the question Tony asks Corey to explain “like I’m five”: what does the phrase “triple tax advantage” actually mean, and how is it different from the tax treatment of a 401(k), a traditional IRA, or a Roth? Corey walks through the comparison in plain English.
Eligibility, Mechanics, and a Receipts Strategy
Tony guesses that half the audience assumes they aren’t eligible, and the two discuss who is, along with the hesitation many people feel about high-deductible health plans. Corey explains why he personally chose one, and Tony shares his perspective. They also cover how employer contributions factor in, what happens if someone contributes too much, and how the annual contribution limit comes into play.
Corey then lays out an approach built around keeping receipts, and Tony describes how he uses it himself. The two get into the day-to-day mechanics, how to think about investing inside the account, and what happens to it at a certain age. There’s even a moment where they discover a benefit neither had put a name on before.
Portability, Beneficiaries, and Where It Ranks
A common misconception online is that an HSA disappears when you change jobs. Corey sets the record straight and explains how the account compares to a flexible spending account. They also cover what happens to the account for a spouse or other beneficiary, and when an HSA may not be the right fit.
Tony saves a pair of questions for the end. He asks Corey to rank the HSA against a 401(k) and a backdoor Roth IRA, and then asks what one step a listener with an HSA should take this week. Corey’s answer to the second one involves a number he looks up on the spot.
On the latest episode of Dime After Dime, host Tony Stich and Corey Grant explain the triple tax advantage, how a receipts strategy works, and what to know about HSA eligibility, portability, and beneficiaries.
Watch or listen to the full conversation on the Dime After Dime YouTube channel, Apple Podcasts, or Spotify.
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