You May Be Using Your HSA Wrong

Health Savings Accounts (HSAs) are often referred to as a triple tax-advantaged savings and investment vehicle, due to their ability to allow tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Yet many Americans do not take full advantage of their potential.

Despite their immense tax advantages, HSAs remain underutilized and mismanaged by a significant portion of those who have them. Oftentimes, HSA owners treat them like a simple checking account to cover immediate medical expenses, failing to recognize their long-term benefits.

In this episode of Malcolm on Money Office Hours, Malcolm shares his take on how to optimize contributions to an HSA, as well as some of the common mistakes HSA participants tend to make and how to avoid them.

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Malcolm Ethridge, CFP® is an Executive Vice President and fiduciary Financial Advisor with CIC Wealth Management, based in the Washington, DC area. He is also the Managing Partner of Capital Area Tax Consultants. 

Malcolm’s areas of expertise include retirement planning, investment portfolio development, tax planning, insurance, equity compensation and other executive benefits. 

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Disclosures:

CIC Wealth, LLC does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax consequences.

Investments in securities and insurance products are:

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE