This episode is sponsored by Resolve. A physician contract review and compensation data company bringing change to physician contracts. For 10% off, add FR10 when you sign up! If you already have or plan to set up or start a health savings account (HSA), how do you make sure it is efficient to build wealth and possibly invest? In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about how to best manage HSAs. Topics Discussed: • HSA: Best tax shelter that exists as a vehicle to put your money into • HSA vs. Flex Spending Account (FSA): What's the difference? • HSA Strategy: ◦ Rule #1: It's best not to spend out of your HSA ◦ Rule #2: If using HSA to build wealth, make sure to invest cash ◦ Rule #3: As you have healthcare expenses, save the receipts • When to start using your HSA? Balance equals future expected healthcare costs • HSA Beneficiaries: Make sure to identify spouse or dependents • When is the best time to fund HSA? Max out sooner than later • Cafeteria Plan: Better to funnel money through employer HSA for matching funds • Switching Providers: Keep up with transfers and minimize number of HSAs LINK: www.WrenneFinancial.com
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As a doctor, you spent decades in school to get to where you are. Unfortunately, during all those years in medical school and residency, you probably didn't receive a financial education. But, not to worry. That's where I come in. Think of this podcast as your financial residency without the long hours and sleepless nights! I will guide you through a financial education resulting in money confidence and clarity in this critical aspect of your life. You'll understand how you make money, how you spend money, how your hard-earned money can work for you, and how to protect yourself and...