Can Physicians with Chronic Conditions Benefit from HSA?

Physician Family Financial Advisors Podcast; Personal Finance for Doctors with Children

Episode Overview:

In this episode, Ben Utley and Nate Reineke address the question: Can Physicians with Chronic Conditions Benefit from HSAs? They tackle various financial inquiries from listeners, offering insights and advice crafted for physician families. The discussion covers topics such as the use of 529 funds, strategies for Roth IRA conversions, optimizing 403(b) contributions, and maximizing benefits from health savings accounts (HSAs), particularly for those with chronic conditions.

Key Highlights:

1. Using 529 Plans:

- Ben and Nate explain the scope of using 529 funds, highlighting their suitability for college savings but noting they are not designed for private preschool expenses.

2. Roth IRA Conversions:

- The hosts discuss considerations when converting gains in a backdoor Roth IRA, emphasizing tax implications and the need for clarity on IRA rules.

3. 403(b) Contributions:

- Insights into maximizing contributions to 403(b) plans are shared, especially for physicians with both mandatory and voluntary contribution options, allowing them to potentially exceed standard limits.

4. Tax Strategies Around IRAs:

- Ben provides detailed guidance on managing IRAs with both pre-tax and post-tax contributions, focusing on basis management and conversion strategies for improved tax efficiency.

5. Health Plan Optimization:

- The discussion addresses the management of health plans, examining the use of HSAs alongside FSAs, and providing strategies for choosing between high-deductible and PPO plans.

6. Can Physicians with Chronic Conditions Benefit from HSAs?:

- The hosts explore the potential advantages of HSAs for physicians with chronic health conditions, considering how careful plan structuring may offer financial benefits despite high medical costs.

Actionable Advice:

Get Personalized Financial Advice:

For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.

Have a Question?

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Resources Mentioned:

Retirement Wellness Check: Assess how well-prepared you are for retirement at PhysicianFamily.com/Quiz.

Disclaimer: This episode is for informational purposes only and not intended as financial advice. See marketing disclosures at www.physicianfamily.com/disclosures.