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Alex Wolfe, a Certified Financial Planner and Head of Financial Planning at Base Wealth Management, introduces the concept of funding a Health Savings Account (HSA) via a one-time, penalty and tax-free rollover from an Individual Retirement Account (IRA), known as a Qualified HSA Funding Distribution.

This strategy, beneficial for those with high deductible health plans, leverages the triple tax advantage of HSAs: tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses.

Wolfe emphasizes the importance of adhering to specific eligibility criteria, including being on a high-deductible health plan and the subsequent 12-month testing period. Additionally, he highlights the annual contribution limits for HSAs in 2024 and the extra allowance for individuals over 55.

The possibility of rolling over funds from 401k or 457 plans through an IRA to an HSA is also mentioned as part of this strategy for tax-advantaged growth of funds for medical expenses.

00:00 Introduction to HSA Funding from Your IRA
00:37 Understanding HSAs and Their Benefits
01:36 Eligibility and Limits for IRA to HSA Rollovers
02:59 Conclusion and Call to Action

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Base Wealth Management (“the Firm”) is an SEC registered investment adviser located in Lakewood Ranch, Florida. Registration does not imply any specific level of skill or training, and the content of this communication has not been approved or verified by the United States Securities and Exchange Commission or any state securities authority. BWM may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. Investing involves risk, including the possible loss of principal. Past performance does not guarantee future results, and no strategy can ensure success or protect against loss in declining markets. For additional information, please review the Firm’s Form ADV, available at www.adviserinfo.sec.gov.