Best Health Savings Account (HSA) Strategy on H1B/F1 Visa | Complete Guide to Choosing a Health Plan
The HSA is the Ultimate Tax Loophole but should you get one as an F1/H1B Visa holder? This video helps you choose the best health plan, provides tips on how to best use the HSA and goes over options when leaving the country.
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An HSA is a savings account intended for medical bills but has some amazing tax benefits. You need to have a High Deductible Helath Plan (HDHP) to be eligible. Contributions to the account are tax deductible, money grows in the account tax free and withdrawals are tax free (for medical expenses) as well. It is the ultimate tax saver. You can invest within the account too.
When medical expenses come up, try not to withdraw from the HSA and keep the money invested. By paying out of pocket, you benefit from the power of compounding over the years. Save the receipts in a safe location to reimburse yourself at any point in the future.
Comparing HSA vs. PPO plans can be quite tricky but I go over an effective way to do this using a Google spreadsheet (thanks HSA_spreadsheet_guy). Generally, if you're young and healthy, an HSA is a good option.
As a H1B/F1/J1 Visa holder, you might have to leave the country after a few years. Here are your options:
1. Withdraw the entire amount and pay a 20% penalty and taxes
2. Leave the money in the US
An HSA can be used to pay for medical expenses abroad too, as long as they are qualified.
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I want to share stories and lessons learned while first moving to America, planning my journey to financial literacy, and adopting best practices into my life. As an international, it was difficult to find relevant resources to understand the aspects of life that were different in a new country. This channel is a comfortable space to have those discussions and help each other out!
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The advice provided in this video is for informational/entertainment purposes only. The creators take no responsibility for any actions or decisions you may take based on the contents of the video. Please consult a professional for strategies related to your specific needs.
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