#24 - Flexible Spending Account (FSA): What is an FSA, who is eligible and what are the pros vs cons of using one? How do they compare to an HSA?
- Author
- Aaron & Ryan
- Published
- Tue 11 Jun 2024
- Episode Link
- None
Unlock the secrets to maximizing your healthcare dollars with Ryan Nelson from Alchemy Wealth Management as he breaks down the intricacies of Flexible Spending Accounts (FSAs), shedding light on this tax-advantaged opportunity. Forget the confusion and frustration of untapped benefits; this episode guarantees you'll walk away with a clear strategy to navigate the "use it or lose it" nature of FSAs. We juxtapose these accounts against the more familiar Health Savings Accounts (HSAs), underscoring critical distinctions, such as the necessity of strategizing contributions to FSAs due to their lack of rollover capabilities and the absence of a requirement for a high-deductible healthcare plan. By tuning in, you're equipping yourself with the knowledge to avoid the common pitfall of over-contributing and to effectively leverage your pre-tax dollars for eligible medical expenses.
Ryan Nelson doesn't just stop at the basics; he takes us through a tour of the different FSA varieties available—healthcare, limited purpose, and dependent care. With Ryan's expertise, you'll learn to utilize FSAs to their fullest potential, gaining immediate access to your contributions and making your pre-tax dollars work harder for you. Whether it's covering early-year medical expenses or managing the costs of daycare and elder care, we cover the spectrum of benefits these accounts offer. The conversation is not just informative but empowering, as we emphasize the importance of understanding qualifying expenses and staying compliant. By the end of our session with Ryan, FSAs will transform from a daunting financial tool into a powerful ally in managing your personal finances and ensuring your financial health is in its best shape.
Ryan Nelson doesn't just stop at the basics; he takes us through a tour of the different FSA varieties available—healthcare, limited purpose, and dependent care. With Ryan's expertise, you'll learn to utilize FSAs to their fullest potential, gaining immediate access to your contributions and making your pre-tax dollars work harder for you. Whether it's covering early-year medical expenses or managing the costs of daycare and elder care, we cover the spectrum of benefits these accounts offer. The conversation is not just informative but empowering, as we emphasize the importance of understanding qualifying expenses and staying compliant. By the end of our session with Ryan, FSAs will transform from a daunting financial tool into a powerful ally in managing your personal finances and ensuring your financial health is in its best shape.
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