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11 HSA Pitfalls to Avoid – Part 1

Health Savings Accounts (HSA) are very powerful in that they can save you a lot on your taxes, but there are many pitfalls/risks that HSA participants should be mindful of. This is Part 1 of 2 episodes detailing 11 HSA pitfalls to avoid. In this episode, we discuss 6 of the 11 pitfalls, including: 1. Not shoeboxing expenses, 2. Missing qualified expenses, 3. Disqualified expenses, 4. Personal vs. payroll contributions, 5. Over-contributing, and 6. Under-contributing. We mentioned that the law may have changed regarding over-the-counter (OTC) medications. It does appear that, per the CARES Act, certain OTC medications may qualify as qualified medical expenses without a prescription, but you should confirm this with your tax advisor. Stay tuned for Part 2. Visit us at biggerinsights.com to request a consultation or read our blog. Please consider making a non-deductible contribution to help us break through Big Tech suppression and keep this podcast going. OpenAlias: contribute.biggerinsights.com. Monero (XMR), Bitcoin (BTC), and Litecoin (LTC) addresses at biggerinsights.com/support-us. Disclaimer: We are not CPAs, tax attorneys, or other tax professionals and nothing in this episode should be construed as tax, financial, health, or other advice. Shoeboxing HSA expenses, changing contribution elections, and investing your HSA funds involves risk, which may not appropriate to some HSA participants. Do not make changes to your HSA without first consulting your financial advisor.

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