Accounts

Guide to HSA deductions and fees

Your health savings account (HSA) is a tax-free safe space, where you can secure funds without fear of heavy tax hits when it's time to use the money for qualified medical expenses.

(After all, there's a good chance you're going to need $250,000 or higher at retirement, just for medical costs. Yikes.)

And if you're healthy, your HSA is an even better resource, letting you save contributions from your employer without having to claim them as taxable income. And any contributions you make on your own? Tax-deductible. Money that grows with you, without much (if any) tax season confusion? Sign us up.

A quick refresher on HSA basics...

In case you're new to all this, an HSA allows users to pay for current health care expenses and save for those in the future. Its first advantage is that contributions are tax-deductible, or if they're made through a payroll deduction, they're pre-tax. Second, the interest earned is tax-free. Third, account owners may make tax-free withdrawals for qualified medical expenses. That's a TRIPLE benefit (we should totally get a stamp or something).

HSAs are available with most high-deductible health plans (HDHPs). The primary objective of a health savings account is to give individuals an additional source to fund health costs that cannot be covered due to limitations imposed by their plan.

These accounts are usually compared to flexible spending accounts (FSAs). But, there are big (huge!) differences between these types of plans. One of the unique things about HSAs that's not incorporated into FSAs is the ability to roll over unused funds on a yearly basis. Bye, deadlines!

While money contributed to an FSA can no longer be accessed after the end of a plan year (or the end of a grace period or runout period, if your plan has one), money in an HSA will stay with you until you're ready to spend. In other words, your HSA can protect you -- like a healthy safety net -- even if your health care options aren't the best.

Using HSA funds the right way

In a perfect world, you'll stay 100%, completely healthy, and can save your HSA funds to add a huge boost to your retirement savings. Or you can talk with a financial professional and maybe push that money even further by investing it the right way.

But don't forget that HSA stands for HEALTH savings account -- they're designed to be there for when you might need it most. Emergencies, uninsured treatments, whatever -- your HSA is there to keep you from dipping into your own pockets for qualified health expenses.

(There's a lot of qualified expenses -- just check out this list to see what we mean.)

If you need to access your HSA funds, you can rest a little easier -- you won't be taxed on withdrawals if the funds are used to directly pay for medical expenses that aren't covered by your HDHP. For example, non-preventive care appointments, like additional eye care appointments, dermatologist screenings, dental visits and prescription meds, to name a few.

But there are some limits. If you choose to use your HSA funds to pay for non-qualified expenses (medical or otherwise), you could face some serious penalties. But we'll get to that in a different section.

Okay, let's talk tax deductions

You can claim federal tax deductions on your HSA by using IRS Form 8889 (don't worry, it's not much extra work). This quick step, along with your 1040, will let you claim deductions on out-of-pocket contributions to your HSA.

Any contributions you've made to your HSA which have been "out-of-pocket," meaning directly from you instead of your employer, are tax-deductible.

If you're not sure how to organize this, don't worry -- the IRS has Form 8889 to do just that. Using this pretty simple document, you'll:

  • Report your HSA contributions (and those from your employer).
  • Figure out your HSA deduction.
  • Report payouts from HSAs.
  • See if there's any amount that needs to be reported as income (along with additional taxes) in case something isn't eligible.

Using Form 8889, you'll have the opportunity to list separately the contributions you've made to your HSA and the contributions your employer has made. (Please note, this doesn't apply to contributions made pre-tax from your payroll throughout the year, if available through your employer to do so.)

After completing the steps you'll find your maximum deductible amount on Line 13. Once you begin completing your tax return with IRS Form 1040, you'll input the figure on Line 13 of Form 8889 into 1040 line 25. When you're done, you'll be able to successfully claim a deduction on your out-of-pocket HSA expenses.

Wait… slow down… can you tell me a little more about Form 8889?

Okay, let's get into this a little deeper, since filling out Form 8889 the right way prevents you from paying penalties and enables you to claim certain deductions.

If you hold an HSA (or are the beneficiary of a deceased account holder), you're required to attach Form 8889 to your Form 1040 when filing your personal tax return. If you don't, you probably can't deduct your HSA contributions.

Oh -- one important note: The IRS "Last Month Rule." Put simply, this means if you sign up for an HSA toward the end of the year, as long as the account is active by the first day of the last month of the tax year (let's just call it December 1 for argument's sake) you can make a full year's contributions at once.

Put even more simply -- Sign up for HSA in November, be active and eligible by December 1, and you're allowed to make HSA contributions for the whole tax year, if you want to do it.

Sure, that's a large sum of money to add, but if you're able to do it, it's a great way to maximize your benefit and savings in a minimal amount of time.

If you stop being eligible for an HSA -- like if you switched health plans and don't have an HDHP anymore -- you'll need to include the total contributions made to your account as part of your income. This additional income is subject to a 10% added tax (calculated toward the end of Form 8889).

Can you show me how to complete Form 8889?

Before we can walk you through any of this, you need to know that we're not tax professionals and this is not to be considered tax, investment or legal advice. If you have questions about filling out your taxes or proper use of your HSA, we always recommend that you speak with a qualified tax professional.

Before you file Form 8889, you need a few other documents filled out. It's kind of like playing the lower stages of a video game before you get to the final level. Only this has your real, hard-earned cash on the line so be thorough! This includes:

  • IRS Form 5498—contribution activity, provided by the HSA custodian
  • IRS Form 1099—distribution activity, provided by the HSA custodian
  • IRS Form 8853—reports contributions and payments from Archer MSAs and payments from long-term care insurance contracts, if applicable
  • W-2 Form—displays the amount of contributions made by your employer, if applicable

Once you've gathered your necessary paperwork, carefully follow the Form 8889 instructions line by line. One mistake could force you to start over if you're not careful. It really is the most punishing video game isn't it?Let's walk through the three primary parts of the form, using some guidance directly from the IRS, since it gets a little (a lot, sorry) technical.

Part I overview...

This portion of HSA Form 8889 covers contributions and deductions. Find the amount reported on Form 5498-SA and enter it in line 2; if your employer made contributions to your HSA, enter the amount reported on your W-2 on line 9.

Be sure to make note of the contribution limits on line 3; once you hit age 55, this number will change and should be accurately reflected on your Form 8889. Line 13 is also important—it's the amount of money you can deduct from your income per HSA tax law. This number will eventually be entered on Form 1040.

Part II overview...

This section of tax Form 8889 assesses your distributions and verifies whether it was spent properly.

  • Line 15 determines how much was spent on qualified medical expenses; any amount greater than box 14c will be penalized.
  • If the subtraction on line 16 is a positive number, you'll owe tax and penalty on the amount (20%).

Part III overview...

Part III of HSA 8889 determines whether you owe taxes and penalties for two possible reasons:

  • You utilized The Last Month Rule, then ended your HSA insurance plan early
  • You funded an HSA distribution from an IRA or Roth IRA


In most cases, these lines won't have any totals. But if you do have numbers on lines 18 and 19, combine their total on line 20 (and remember to include it on line 21 "Other Income" on Form 1040.

Do the same rules apply for both federal and state taxes?

As you probably know, HSAs offer the amazing triple-tax benefit (stamp is shipping) -- contributions are tax-deductible, the HSA balance grows tax-free (at least at the federal level) and funds can be withdrawn without being taxed when used for HSA-eligible expenses.

But (and you knew there would be one) there are a few exceptions at the state level to this triple-tax advantage. California and New Jersey currently don't allow tax-free contributions at the state level. And HSA earnings -- like those that come from investments -- are taxable in California.

While many states offer triple tax benefits, ones without a state income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming) don't allow for deductions for HSA contributions. Plus, in New Hampshire and Tennessee, HSA holders may have to pay taxes on any interest, dividends or capital gains earned in their accounts.

Long story short? Check with a financial advisor about any state-level rules and regulations before filing or claiming deductions. A little legwork now could save you a ton of extra work after the fact.

Making the most of your deductions

Since HSA contribution limits are in place, you may need to plan when trying to maximize your deduction. Say your employer contributes up to 90% of the maximum allowed total into your HSA, you won't be able to make any contributions on your own past the remaining 10% of the total.

To be honest, this might limit your deduction opportunities. So you should carefully scrutinize your options to determine what the perfect balance of contributions will be for your particular financial scenario.

Given the earnings potential of HSAs, you should work hard to use these accounts in the most efficient ways possible.

Now, about those HSA fees and penalties…

You might not notice small fees in your statements, but they can very quickly pile up. By the time you realize how much they're affecting your finances, the damage is already done. It's hard enough to get a handle on the fees associated with your bank and investment accounts, but it's twice as difficult with something like an HSA, which you probably use infrequently, and with a very limited understanding of the fine print.

Withdrawal penalties

But what happens when it's time to use this money? As healthy as you might be now, the purpose of an HSA is to serve as a financial safety net against unexpected emergencies, or larger medical costs you might face in the future.

HSA contributions aren't taxable, but if you withdraw the money for a non-qualified medical expense, you'll end up paying a 20% penalty and income tax on the distribution. If you're audited, a $500 withdrawal for a non-qualified expense would result in a $100 fee on top of whatever your tax rate is. If you're in the 15% tax bracket, you'll owe an extra $75 on top of the $100 fine.

If you're 65 and older, you can take HSA distributions for any reason and avoid the 20% penalty. The amount will still be reported as income, and the tax rate will vary based on your income.

Investment account fees

Many users choose to use their HSA as a secondary investment vehicle, but banks tend to charge a small monthly fee if you invest your HSA funds. Avoiding these fees is rare, but you can always pick an HSA provider with a lower fee, unless it's chosen for you by your employer.

If that's the case, and you want to have your HSA contributions taken pre-tax from your pay, you'll need to use whomever your employer has chosen.

On top of an automatic monthly investing fee, HSAs often charge trading fees - much like a traditional brokerage firm. Look into your trading fee options from your account administrator, so your investing dollars don't go toward unnecessary expenses.

Monthly HSA account fees

Since we're discussing it, let's not forget about the standard set of fees that come with HSAs (or any money-accruing account). HSA providers sometimes charge monthly account maintenance fees. But if you participate in an HSA through your employer, they'll often take care of these fees for you. Your enrollment paperwork should detail this, but if you're unclear, there's always the golden proverb: "check with your plan administrator."

Even if you're not participating, you can sometimes avoid the fee by keeping a minimum account balance. Of course, this varies; one well-known national bank has a $4.25 monthly service fee unless you have $5,000 or more in the account. Yet, a smaller competitor has no account fees or minimums.

Log on to your account and see if there's a monthly maintenance fee on your statement. If there is, call the bank and ask what you can do to avoid it. Some accounts start charging a fee if you switch employers and your account is no longer associated with your previous company (likely because your employer no longer pays the fee for you), so be aware of that possibility, as well.

In the end, if you have an HSA through an employer, fees are often taken care of. But if you've selected your own health savings administrator, and want to get the most out of your HSA, you need to be aware of the fees you're being charged, and how to avoid them.

This is just a guide -- always lean on a professional

We mentioned it earlier, but it goes without saying -- before you dive into your tax planning, be sure to speak with your employer, insurance provider and/or a qualified financial or tax advisor (or all of the above). Any of these professionals should be able to help you clearly understand what your needs are when it comes to documenting your contributions and making the right moves with your account.

Accounts

Self-Employed HSAs: How entrepreneurs & freelancers can use HSAs

Contract work, freelancing, moonlighting -- whatever you call it, the way the world works is changing in a very big way. Lately, more and more people are choosing to leave traditional workplaces and pursue self-employment because of the freedom they have to choose their work environment, set their own hours, and maybe even add a little more variety to their chosen profession.

Plus, with the exponential growth of connectivity, it's easier than ever to stay connected to companies and clients remotely. This increased focus on contract work means workers have a lot of new career options, while companies can hire the right people for their needs… not just the best people within driving distance.

How does this relate to our goals for this guide? Unlike FSAs, which require employer-sponsored health plans, freelancers are eligible for HSAs. Not only can they help users pay for out-of-pocket medical expenses and everyday health products, but they also give you a distinct triple tax benefit:

  • The contributions you make to your HSA are tax-free, similar to contributions to your 401(k) retirement account, traditional IRA or other interest-bearing account. The lower your adjusted gross income (AGI), the lower your taxable income.
  • The interest you earn from your HSA dollars grows tax-free.
  • When you make withdrawals for qualified medical expenses, those withdrawals are also tax-free.

So... what's the concern with becoming an entrepreneur?

Basically, leaving the traditional workforce for an increasingly competitive freelance arena means dealing with the lack of security and stability that comes with it. While there are plenty of health insurance options available to gig workers, the medical and retirement benefits that come with a full-time, salaried role are still more desirable.

For many people making the leap to self-employment, their health care insurance coverage may not be at the top of their pros and cons lists. But if you're an HSA owner, you can breathe a little easier on your journey into the independent workforce. If you had an HSA with a previous employer, you can make the leap to independent employment with money already saved for health care needs. It might not be ideal, but it's your money to use for medical costs -- whether it's for in-office visits, bandages or advanced hi-tech health products -- as you see fit.

HD-What? Overview of HDHPs and HSA-eligibility

While HDHPs can sound scary, they can save you money in the long run. Many younger consumers are even opting for HDHPs to lower premiums on health care.

We'll take HDHP enrollment step-by-step , from opening an HSA to budgeting for expenses, to even learning how to negotiate with medical professionals. Follow these tips and you'll be well on your way to both physical – and financial – health.

Become a savvier health care consumer

These days, consumers are looking to get the most bang for their health care buck, and are shopping around for the plan that best fits their needs.

Become a better health care consumer by taking advantage of tax-free accounts like HSAs. As always, do your homework. While an HSA is a great way to offset the cost of an HDHP, not all health plans will leave you eligible for one.

Shop around for health care. Providers, out-of-pocket costs, copays, and other related costs - these can cost you big if you haven't met your deductible yet, so you'll want to be smart with your spending. You may choose to visit a cheaper provider, then use those extra funds to pad your savings, invest the money, or even splurge on a health-focused bundle of products.

Negotiate your medical bills. Educate yourself on what specific procedures or specialist visits should cost, then call your provider and offer something in that range. Many providers are more than willing to negotiate.

Worth noting

Ask before you pay, since getting any funds recouped will likely be tougher than simply paying less up front. It also pays (pun intended) to know how to effectively communicate with health care professionals. In other words, be nice!

  • Buy generic. From monthly medications to OTC purchases, buying generic can save you a ton of cash. And when you're footing the bill of a higher-than-normal deductible, you may not notice the difference between brand name and generic, other than the name on the box.
  • Get a primary care doctor. While this may seem opposite from the advice we gave above, having a primary care doctor you know and trust is invaluable in saving money on health care. Primary care physicians are almost always cheaper than trips to urgent care centers or emergency rooms, and they're a great sounding board for all your health care questions.

Open an HSA

You know you saw this coming. Opening an HSA is one of the smartest things you can do when enrolled in an HDHP. Not only does the tax-free account help offset the cost of health care, the funds also roll over year-to-year and can be used, penalty-free, for non-medical expenses after age 65 (income taxes apply).

Plan ahead to put some dollars aside for out-of-pocket medical expenses so that you're prepared for any unforeseen major medical events. If you have cheaper health care costs that year? No worries. Your money carries over year to year. And it comes with you when you change jobs.

Also, don't overspend! Make an annual budget for your HSA so you don't end up short at the end of the year.

Keep an eye on your deductible

While trying to cut corners on care may be tempting, this may work against you if enrolled in an HDHP. After all, once you hit your deductible, you're 100% covered for the rest of the year.

So watch your deductible and time it correctly. Keep in mind that HDHPs require a minimum deductible of $1,400 for an individual and $2,800 for a family, with an out-of-pocket maximum limit of $6,900 and $13,800 in 2020.

With an HDHP, it's all about balance. Before enrolling in an HDHP, it's wise to consider how large of a deductible you can afford. While this cost might sting at first, if you can hit it in the first half of the year, you're better off, since you'll be covered the remainder of the year. But if it won't be until mid-December to meet your deductible, you'll be scrambling to get all those last-minute dentist, optometrist, and yearly physicals in afterward.

If you've been contributing regularly to your HSA with the funds you've saved with a lower monthly premium (an attractive part of most HDHPs) however, you should have a nice little health care rainy day fund.

Consider add-on benefits

You may consider add-on benefits to supplement your HDHP. These are basically "add-on" health care perks, also called voluntary benefits, that you pay for yourself and can use to help round out your health care coverage.

Examples include vision and dental coverage not provided by your employer or a supplementary life insurance policy.

  • Dependent Care FSA - a tax-advantaged account used to pay for the care of any dependents, such as day camp/daycare for children or daycare for dependent adults.
  • Limited Purpose FSA - These regularly go hand-in-hand with HSAs and this specialized FSA covers things like dental and vision or coverage for dental and vision over-the-counter products.

Anticipate your health needs

If you're single and healthy, the money saved each month in an HDHP can go toward living costs and savings goals. While you can't really predict if and when you'll get sick, you can figure out what routine or preventive care you'll need like annual check-ups every spring, and lab work to make sure things are going well.

If you require more frequent doctors' visits or prescription and OTC medications, you'll want to budget accordingly.

Pro Tip: If you have prescription medications, see if you can order them in bulk. It could net you a discount.

Because funds in your HSA roll over (you don't need to spend all the funds in your account by the end of the year, like with an FSA), you don't have to feel rushed to get your balance to zero by a deadline.

Healthy spending choices

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Use it as a financial cushion

Freelancers tend to be used to feast or famine with how much money they're bringing in. During the less-productive times, tap into your HSA to pay for out-of-pocket medical expenses. You can also use it to purchase qualifying health items that you might use on a regular basis. What you can purchase with funds from your HSA could surprise you.

Sync up spending with the ebb and flow of freelance work

If you're having a slow month, you can tap into your HSA funds to pay for eligible expenses. As an example, if you live in Florida, you might need sunscreen year-round, which is eligible, as long as it's SPF 15+ and broad spectrum. Plus, you can purchase pain relief products (when prescribed), eye care and lens wipes, and even advanced diagnostic products -- they're also typically eligible expenses.

But, if you're having an awesome month income-wise, consider putting a bit extra into your HSA. That way you'll have it tucked away during the slower periods.

For those participating in their HSA-qualified health plans as individuals, the contribution limits for 2020 will be $3,550 a year, and $7,100 for those participating as a family. If you're age 55 or older, you can add an extra $1,000 to those limits as a "catch-up" contribution.

Contributing to an HSA as a sole proprietor

Since you file taxes on your personal tax return, you're essentially treated like someone making HSA contributions on their own. While you are not able to contribute to an HSA pre-tax throughout the year, you are able to deduct some of your contributions on your personal income tax return.

The good news is, as long as you made a profit during the tax year (go you!), you can file the deduction. The tradeoff is that you can't put more in your HSA than your net self-employment income.

Unlike traditional employees that contribute to their HSA with pre-tax income dollars, you would contribute after-tax dollars to your HSA and then do a line item deduction in your Schedule C. To make sure you're getting everything right, it's best to consult a tax professional on these matters.

If you have an LLC...

As a single member LLC, you're not going to treat your HSA much differently than a sole proprietor. Though, if you have employees, you may be able to implement a plan that can allow those employees to make pre-tax contributions. This is what's known as a "cafeteria" or "Section 125" plan.

The downside is that, as the owner, you can't participate. You can only contribute after tax dollars and it's counted towards your personal taxes. So, whatever you contribute towards your HSA will reduce your adjusted gross income. Just like a sole proprietor, you can only claim this deduction if you actually made a profit.

Tax implications

Freelancers often work to reduce their taxable income by as much as possible each year through deductions, expenses and even end-of-year capital expenditures. An HSA can become part of a strategy to reduce taxable income while saving money for health expenses that can be used tax-free at any time.

For all other expenses, we encourage patience. Before age 65, tapping into an HSA for non-qualified withdrawals comes with a steep 20% penalty, plus that money becomes taxable. So you might want to hold off on that vacation. But once you turn 65, this money can be withdrawn penalty-free for any reason (income taxes apply).

Being 65 might seem far in the future for many freelancers, but putting money into an HSA that doesn't get spent on medical expenses eventually turns into a tax-free retirement savings account.

We understand that leaving the traditional workforce for contract work can be daunting. Gig workers can face the challenge of keeping up with multiple clients, tracking payments, and dealing with a more haphazard work schedule than even those who own small businesses.

But with an HSA as part of your health care and savings plan, your physical and financial well-being doesn't have to add to the stress.

Accounts

The Simple Guide to HSA Investment

Here's a question: Would you invest in a classic car and restore it just to drop the kids off at school? Probably not. With the money and time you put in, you're going to want to really take advantage of everything said car has to offer. Whether that's the joy of slowly fixing it up into a future road warrior to seeing exactly how fast that baby can go down a track.

An HSA is kind of like that classic car.

HSAs are great because they can be invested like standard retirement accounts, to grow your savings over time. The more love you put in, the better it gets for the future. And with the health care costs rising well ahead of the pace, every investment advantage can help – especially one with a killer tax advantage.

So, why do so many HSA owners choose to limit themselves and the potential their money could offer by not maximizing these savings through sound investment strategies?

Let's take a quick look at how your health savings account can become a nest egg like no other.

The 101-level stuff...

In case you don't check our Learning Center every day (we forgive you), HSAs are accounts that allow people with qualified high-deductible health plans (HDHPs) to save for future medical expenses.

Contributions are made tax-free, up to the annual limit, and funds can be used tax-free for qualified medical expenses. For 2020, you can contribute $3,550 for individual participation, and $7,100 for two-person or family. Plus, if you're 55 or older, you can make additional "catch-up" contributions up to $1,000 each year to help boost your savings.

Even better? if you have an HSA, you get a triple tax benefit.

  • You get interest earned on the money you contribute
  • You have no tax on those contributions
  • You can pay for qualifying health expenses, tax-free

After you turn 65, this money can be used for anything you want though it'll still be taxed at the normal income tax rate. And no matter where you work or hold your account, the money goes with you, every step of the way. It's yours to use.

Bottom line? Even if you don't invest, there's money to be made, just by making sure you max out your contributions. But if you do… well, we'll get to that in a bit.

Benefits of investing HSA funds

This is why you're here, right? Because HSA funds have been earmarked for healthcare use, people often forget that investing can be a straightforward way to turn solid HSA balances into something really substantial for retirement.

And, if you have no plans to use this money for a while, investing might be the best way for you to maximize this account.

Strategy basics

If you've already invested money before, your HSA investment strategy should be the same (or at least similar) to any of your other retirement accounts. Meaning, any HSA investments should support your larger portfolio diversification plan, while also staying within the level of risk you're most comfortable with.

And if you haven't invested before, no worries -- it's the same strategy: Starting out strong while you're young and healthy, then investing more conservatively over time.

The reason is pretty simple -- if you're younger and healthier, and less likely to need funds for health care needs, you probably have more freedom to be a little assertive with your investment strategy, to try and make some early gains.

As you grow older, and more health care needs begin to pop up, it might make more sense to slow things down, making more measured investment maneuvers, and allocating more money for health essentials, for those inevitable "just in case" moments.

If you have an HSA through your employer, you might have some easy investment options at your disposal. But whenever possible, you should find investments that best match your existing strategy.

More importantly, we need to revisit the idea of risk, and how comfortable you are investing your money this way. While it's great that HSAs are flexible enough to allow for exponential growth, you still need to be careful.

A cautious example

Let's say you decide to take a large chunk of your health savings and invest it in a mutual fund – which has a range of stocks, bonds and other investment opportunities. They offer a great chance to grow, but can also be really volatile, and often lose value.

If you're young, healthy and wealthy, this may not be a huge problem. But if you suddenly need these funds for emergency medical expenses, it might be rough to think of money you lost, when it's more money you need.

As always, this should not be considered legal or tax advice in any way. Always speak with a trained financial professional before making any investment.

Basic HSA investment options

Your bank or credit union might offer an investment option, but you may find that a different financial institution might have better offerings. There are a lot of HSA administrators that allow you to invest the money in your HSA, each with its own set of fees and options.

Most larger institutions give you the option to invest in stocks, bonds, mutual funds or other common investment possibilities. But the IRS is pretty flexible when it comes to investment rules, so don't be surprised if your administrator also lets HSA funds be used for real estate, mortgages, exchange-traded funds, and even business investments.

There are a huge range of options, which your HSA administrator can explain in detail. But the IRS is pretty open minded, as long as you're not trying to use health savings funds to invest in art, collectibles, jewelry, vintage cars or other tangible items, per the tax code.

(Apologies to the dedicated stamp collectors out there -- you'll have to use other funds for those rarities.)

Some valuable HSA investment resources

As always, we recommend speaking with a licensed financial advisor before making any investment decisions with your HSA. But to give you a head start on that discussion (and a better picture of what your investment potential could look like) check out some of these tools from our trusted partners.

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Are you ready?

It's pretty obvious that there are some risks involved with any investment, but there's no denying the benefits that can come from making a few shrewd moves with your tax-free funds. And making these moves when you're young and healthy can help you stay young and healthy if your medical needs grow as you get older.

Just like buying and building up a car is overkill for soccer practice runs, not taking full advantage of your HSA's possibilities can limit the benefits of your savings. Talk with your HSA administrator to see what investment options make the most sense for your future.

Basics

Podcast-Eligible: New Host, New Open Enrollment Strategies

We're finally back - and with a new co-host! Sean and his new partner Brad tackle what to look out for this open enrollment season and what all FSA/HSA users should know before they contribute this season! We also have a sit down with personal finance writer Zina Kumok, who provides firsthand tips for HSA users.

Also, we add a roundup of our favorite product picks and the usual banter you've come to expect from Podcast Eligible.

This episode's product picks

Caring Mill Back to School Bundle

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And as always, for all things flex spending, be sure to check out the rest of our Learning Center, and follow us on Facebook, Instagram and Twitter.

Living Well

Podcast-Eligible: Our Shoppers Reveal Their Sunscreen Habits

It's summer! Naturally instead of taking vacations, we worked even more! We took a recent poll and asked our shoppers about their sunscreen preferences and here are the results. Oh, and Kevin's back (kind of).

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Also, don't forget our Sun Care Center, which gives you a complete overview of how to tackle the season's biggest sun care questions. And as always, for all things flex spending, be sure to check out the rest of our Learning Center, and follow us on Facebook, Instagram and Twitter.