Are you using your health savings account like a checking account? I did for years, and it cost me thousands in tax-free growth. In this episode of From Middle Class to Millions, I break down how the HSA works, who qualifies, and how to turn it into one of the most powerful wealth building and retirement accounts in the tax code.
It's open enrollment season, and whether you get benefits through work or buy coverage on the ACA marketplace, this is your window to get it right. We cover:
- The HSA triple tax advantage: tax-free contributions, tax-free growth, and tax-free withdrawals
- How the HSA compares to a 401(k) and Roth IRA
- Who's eligible for a high deductible health plan (HDHP), including new 2026 rules for bronze and catastrophic marketplace plans
- 2027 HSA contribution limits, catch-up contributions if you're 55+, and employer contributions
- HSA vs. FSA: ownership, rollover, investing, and eligibility
- 4 ways to use your HSA: as a checking account, saving receipts for tax-free reimbursement later, investing, or a hybrid
- Why your HSA becomes a secret retirement account after age 65
- 4 action steps to take this open enrollment
Whether you're working toward financial independence, early retirement, or just want your money working as hard as you do, this personal finance episode will help you stop leaving money on the table.
Ready to build a plan that pulls it all together? Book a call with me and let's move your money From Middle Class To Millions.
Shannon xo
Shannon Brome-WardHost
