⚠️ Common HSA Mistakes and How to Avoid Them Don’t Let These Blunders Drain Your Tax-Free Treasure Chest! Let’s start with a reality check — Health Savings Accounts (HSAs) are like the Swiss Army knives of personal finance: tax-free in, tax-free out, and packed with long-term perks . But just like a real Swiss Army knife, if you don’t know what you’re doing… you might stab your wallet instead of slicing through healthcare costs . So let’s channel our inner Sherlock Holmes and crack the case on the most common HSA mistakes — and how to dodge them like Neo in The Matrix . 🚫 Mistake #1: Using HSA Funds on Non-Qualified Expenses Just because it sounds “medical” doesn’t mean it’s approved. Tummy tuck? Nope. Electrolysis? Try again. Gym membership? Unless prescribed… it's a no. Penalty alert! If you're under 65 and use HSA funds on a non-qualified expense, you're hit with a 20% penalty + income tax . That Botox just got expensive. ✅ Avoid it: Always check the ...
🏦 Bank of America HSA vs. Other Banks: Which One Offers the Best Perks? If HSAs were reality TV contestants, Bank of America’s HSA would be the cool, polished front-runner — but does it actually bring the most perks to the table? Or are there lesser-known underdogs stealing the spotlight behind the scenes? Let’s find out. Whether you’re choosing your first Health Savings Account or shopping around for one that doesn’t nickel-and-dime your tax-free dollars, this post lays it all out: features, fees, investing options, mobile tools, and more. Because your health money deserves a VIP experience , not a budget motel stay. 💡 First: What Makes an HSA “Good”? Let’s define the criteria for a high-performance HSA — no matter where you live or work: Must-Have Why It Matters 🛠️ Low fees So your savings actually grow 📱 User-friendly tech For mobile payments, receipt storage, and instant transfers 📈 Investment options Because cash sitting in savings = financial sle...