The importance of saving money

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=sii1kX7awFQ

Want to say YES to your next vacay without going into CC debt? Check out my mini class, Millennial Money Moves! https://bit.ly/millennialmoneymoves • A health savings account is a great way to set aside money to pay for medical expenses throughout the year. But how do they work exactly? Here's a breakdown of health savings accounts - HSA explained for dummies! • -------- • 🎬 NOTES FROM VIDEO • A health savings account is a savings account where you can set money aside on a pre-tax basis to pay for qualified medical expenses. • A health savings account typically comes with a HDHP - high deductible health plan. So your deductible is going to be higher and your premiums will be lower. Most plans will cover 100% of your costs after you hit your deductible - but the deductible is high. • An HSA is not a substitute for health insurance but it comes with it in an HDHP. • Benefits of a health savings account • https://www.cnbc.com/2019/06/03/these... • Set aside money pre-taxed for medical expenses. So just like a 401k, you contribute money from your paycheck pre-tax which reduces your taxable income for the year. • Earnings in an HSA grow tax free. Contributions and interest accrues tax free. • You can withdraw money tax-free when it's used for qualified medical expenses. • You can take the HSA with you if you leave your employer • The money does not expire like a flexible spending account. It keeps accumulating and you can still use it years later, even when you retire. • Cons • Might not be right for someone who has a chronic illness or requires expensive medications - the deductible is high therefore you're paying more out of pocket • The contribution limits are capped • Depending on your plan, you might still have a copay after you reach your deductible limit. • -------- • 💻 SIGN UP FOR BUDGET BOOTCAMP • https://www.debtfreemillennials.com/b... • -------- • 📝CHECK OUT THE HOW TO CONTROL YOUR SPENDING WORKBOOK • http://bit.ly/DFMworkbook • -------- • 💌 READY TO BUDGET? • Sign up for the Debt Free Millennials FREE budget toolkit: https://www.debtfreemillennials.com/t... • -------- • 🌟SIGN UP FOR FETCH REWARDS! USE CODE WR367 TO RECEIVE FREE POINTS! • https://www.pubtrack.co/8NTHB94/9WZ1G9/ (affiliate link) • -------- • ❤️️ TRY MADISON REED AT HOME HAIR COLOR KIT • https://bit.ly/DFM-MadisonReed (affiliate link) • -------- • 🚘 GET FREE CAR INSURANCE QUOTES WITH GABI: • http://bit.ly/DFMGABI (affiliate link) • -------- • I’M SOCIAL UP IN HURR: • 🔸 Facebook Group: / debtfreemillennials • 🔸 Instagram: / debtfreemillennials_ • 🔸 Site: https://www.debtfreemillennials.com • • Disclosure: Links contain affiliates. When you buy through one of my links, I will receive a commission. This is at no cost to you and helps support my channel! • 🔴 Partner With Me - [email protected]

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