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3 HSA Tips to Maximize Your Super Savings Account 

Health savings accounts, or HSAs, are highly flexible and offer tax advantages as listed in the IRS code. By using an HSA, you may be able to decrease your taxable income, FICA contributions, and capital gains. It is often also possible to withdraw funds tax-free from the account, making it an attractive option for many individuals when preparing for retirement.  It would be best if you had a high-deductible health plan to be eligible for an HSA. These plans are intended to incentivize clients to save money for future medical needs while also requiring them to pay sizable out-of-pocket charges before their insurance coverage kicks in.  If you are eligible for an HSA, ensure you use it to its maximum capacity. Here are three HSA strategies you may use to maximize your savings:      Switch to a better HSA provider   Your company will open an account for you at a provider of its choice, and you can fund your HSA through your employer. But you are not obligated to continue using that service. The money is yours as soon as it is placed into your account. Nothing prevents you from transferring those monies.   Your capacity to invest your money may be restricted, and your employer’s default provider may assess fees. To maximize the use of your account, you may carry out a straightforward HSA transfer to a provider with no fees and a wide range of investment options.   Just be aware that there can be a cost from your provider if you want to move your money to a different account. In that situation, restrict your transfers and determine whether the charge is reasonable. You might be able to request payment from the new supplier.      Consider opening an HSA, even without having enough funds   An HSA may be unexpectedly helpful even without any funds in it. The money you finally deposit into the account may cover any medical expenses you have after your HSA is created. In simple terms, you need to save the expenditure receipt so you can use it to withdraw money from your account in the future.   Another crucial point is that you can make HSA payments for the previous year up until your tax deadline. You must have joined a qualifying health plan and had an account formed in the year previous to make a prior-year contribution.   Starting an HSA might thus be helpful even if you don’t have the money at the moment. Moreover, there is no risk involved as long as there are no fees or account minimums.      Contributing while covered in your parents’ plan   Young employees who continue to be covered by their parent’s health insurance may be eligible for an HSA. In addition, you may make an HSA contribution if you do not qualify for dependent status but are enrolled in your parents’ high-deductible health plan.   Since you won’t be using your employer’s HSA, you must create your account to use it. Since you enrolled in a family insurance plan, you can deposit up to the annual family contribution cap ($7,300 in 2022) on your insurance policy. You don’t even need to have earned income to contribute to the HSA, so you may have access to unanticipated money or gifts that you may use to contribute.   Significantly, you may contribute as much as you choose to an HSA without preventing your parents from doing the same.      Bottom Line  An HSA may help you save money on taxes and is adaptable. You may use it to save money for long-term objectives like retirement, but you can also use it to cut costs for immediate medical treatment. You can outperform those who don’t if you know how to use it. 
Contact Information:
Email: [email protected]
Phone: 9187441333

Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families. Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation. Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.

Securities offered through GRF Capital Investors, Inc., 6506 South Lewis Avenue, Suite 160 Tulsa, OK 74136 Phone: 918-744-1333 Fax: 918-744-1564 Securities cleared through RBC Capital Markets, LLC. 60 South 6th St., Minneapolis, MN 55402Member FINRA / SIPC www.sipc.orgBroker Check

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