HSA for Business Owners

I think I first learned about health savings accounts, HSA for short, less than 10 years ago.

Now I’ve been using mine for about 5 years. My health savings account has been incredibly helpful. I use it to pay for my medical expenses using a debit card connected to the HSA account. It’s like a bank account that you only use for medical expenses, and they have to be listed as ‘approved or qualifed expenses’ or else there are penalties. So you definitely want to follow the rules, hwoever there are a ton of products that qualify.

When I traveled to Las Vegas in 2019, I got really sick and after 5 days of puking, I ended up in the Vegas Emergency Room and it cost over $1,000. Instead of paying from my own personal checking account funds, I used my HSA card, which was a HUGE relief as I didn’t have extra money in my checking account for the emergency expense.

HSA Tax Benefits

HSA are tax-free accounts yet they offer individuals the opportunity for extremely rare TAX-FREE GROWTH inside your HSA account using authorized investments, including real estate investments!! Does that blow your mind? It’s true! I’m not an expert and haven’t yet used my for investing but I do know it’s legal and possible.

HSA for Business Owners

I highly recommend checking out a health savings account if you’re self employed or a small business owner. It can make big difference in your personal financial management and also give you a tax benefit, along with peace of mind.