Pros and Cons of  HSAs

“What Chu Talkin’ ‘Bout Willis?” Settle down Arnold. Remember, the world don’t move to the beat of just one Drummond! Look, you may be chillin’ in a swanky crib on Park Avenue now, but it looks like you may have to take some Diff’rent Strokes with your Health Savings Account. Well, you’d better hurry up; we heard that the Gooch wants another showdown after school. And if you don’t tighten up your healthcare plan, the only back up you’ll have is your pet Abraham!

We, at Achieve Financial Group, are going to take a limo to visit you at your penthouse.  Your brother and you have been living in a fishbowl since you got rich. It might be best if we Adel-aide you with some pros and cons on your Health Savings Account. That way you two won’t look like a couple of Dudleys. Here are some ideas you’ll need to adopt before making any final decisions:


  • Others can contribute to your HSA.
  • Contributions are commonly made on a pre-tax basis.
  • Contributions made with after-tax dollars can be deducted from your gross income when filing your tax return.
  • Withdrawals from your HSA are not subject to federal income taxes provided they are used for qualified medical expenses.
  • Any interest or earnings on the assets in the HSA are tax-free.
  • Funds within an HSA rollover on an annual basis.
  • The money within your HSA remains available for future medical expenses even if you change health insurance plans, change employers or retire.
  • Many HSAs now issue a convenient debit card to facilitate easy access to your funds when paying for qualified expenses.


  • It can be difficult even to come up with the funds to meet a high deductible.
  • Unexpected health care costs can exceed what you can pay.
  • There might be pressure to continue to save in your HSA that could cause you to be reluctant to seek healthcare when you need it.
  • Recordkeeping can be very daunting.
  • Some HSAs charge a maintenance fee.
  • HSAs have taxes and penalties if you withdraw funds for non-qualified expenses before age 65.

Alright guys, we know that you have a lot on your Plato, but at least you’ve built some Bridges between you and your Health Savings Account. You can pass on this info to your delightful dad and your sensational sister, Kimberly. Then they’ll have theirs, you’ll have yours, and together you’ll be fine!   #AchieveMore

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