Dr. Friday explains why she is a strong advocate for health savings accounts (HSAs), even though she doesn’t sell insurance. She describes how HSAs can grow and help cover medical costs in retirement.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I do not sell insurance. I’m putting that at the beginning of this because I am a huge advocate for health savings accounts.
HSA contributions increase with inflation, and if you happen to be blessed where you don’t need to use it, you don’t have to. You don’t lose it. It just grows and grows. It’s another way of increasing your retirement.
And you’ll need it, let’s be honest. Statistically, you’re going to have to have 200,000 to 400,000 in retirement just for medical expenses. Imagine if you had that sitting in your HSA, so you could take your other retirement and live off it or pass it down, whatever works for you.
If you need help, check out the video. Check us on the web, drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.