The Single Best Tax Deduction for Physicians Might be the HSA

Oct 5, 2022

What might be the single best tax break for a physician’s family? Surprisingly, a health savings account (HSA) may be the right option for your physician family. An HSA account is a vehicle where a physician can save on taxes when money is deposited for future health care expenses. So, how does a physician qualify for an HSA account? What is the tax break of an HSA for a physician? Tune in to learn how the HSA account can be used, how it can be invested, and the benefits of the account post-retirement. 

 

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IN THIS EPISODE

 

• [0:46] What is a health savings account (HSA)?
• [1:54] How does a physician qualify for an HSA account?
• [4:00] What happens when the money is taken out of the account? 
• [5:21] What is the tax break of an HSA for a physician? 
• [9:15] The HSA money can be invested.
• [10:25] Example of how to use the HSA account for medical bills. 
• [16:40] If the HSA isn’t used, it can be transferred to an IRA upon retirement. 

 

NOTICE

 

Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.