 This is not rocket science. What's up money geeks, Mr. V here. Welcome to another video guys. I'm super excited about this one. Today we're gonna be talking about one of my favorite things, HSA as a retirement loophole. So if you've been following the channel, you would notice that I've been talking about HSA for as long as I can remember. I did a video about HSA as a retirement loophole. I'm gonna hook it up here. That video did so great and I've been getting a ton of questions from people asking more and more questions about HSA and actually learning about it. I also did another video comparing HSA and FSA. So if you haven't already checked it out, I'm gonna hook it up here so you can go check it out. In today's video guys, we wanna take a look at your contribution changes for HSA in 2020. What are some of the changes that you would see? So I've talked about the benefits of an HSA. And my key ones are the triple tax benefit of an HSA. What are the triple tax benefits? If you look at the way the HSA is structured, the first tax benefit is that the money you contribute in an HSA is tax-free. Number two is that the dividends and the interest gain on that money is actually tax-free. Number three is that you can use that money or withdraw that money provided you use it for qualifying medical expenses, tax-free. Triple tax benefit guys, you can't beat that. One of the issues I have with HSA is that the contributions limits are too small in my opinion. I wanna contribute more, but it won't let me. So I'm looking like, hey guys, can we increase that number? Take it to say, I don't know, 10,000, 15,000. So you can put in more money in there. I got two little boys here at home. So if the more money I can put in that HSA, the better for me, but they won't let me. So for 2020, here are the changes that you would observe with your HSA. So I have them here with me. So your maximum contribution for 2020 goes from, if you are an individual, if you were just a single guy or single girl for 2020, your maximum contribution would go from 3,500 in 2019 to 3550 in 2020. So an increase of $50. I know that doesn't sound like a lot, but I see they're trying to make sure that they keep up with inflation. I mean, everything is changing inflation and they wanna make sure they keep up with it. So you get an increase of $50. For families, they go from $7,000 to $7,100. So that's an increase of about $100. Again, guys, this doesn't sound like a ton of money, but it does add up. If you take advantage of it, again, just think about your triple tax benefits. You're getting an extra $100 into your contribution for 2020. That's not a bad deal, especially if you are using your HSA either for your medical expenses or you're just using it as a retirement lipo like I've talked about here on the channel in the past. So for catch-up contribution and catch-up contribution is for people that are, say, 55 and older. So if you're 55 and older, guy or girl, you get an extra $1,000 that you can contribute to your HSA. So if you're single, you get, instead of dirt, 3550 for 2020, you get 4550 because you get that extra $1,000 that you can contribute. If you are a family, you get an extra $1,000. So you go from the $7,100 for 2020, you go to $8,100. So that's an extra. The government tried to help you to kind of catch up with your contributions. And let's say if you're 55, take advantage of it. Put that extra $1,000 because once you get to the point where you start needing these medical services and medication and hospital bills to accumulate, this money will come really handy because, again, you'll be getting the benefit of a triple tax. Here, the money contributor is tax-free. The dividends and interest grow tax-free. And the withdrawal, again, on qualifying medical expenses would be tax-free. So those are some of the changes that you would see as far as your contribution to your HSA in 2020. So if you do have any questions as far as the contributions, definitely let me know in the comment section. If you do have any questions regarding HSA, don't hesitate to leave them in the comment section as well. Hey, guys, and if you are not taking advantage of HSA, please go to your employer, talk to them, ask them about HSA, and sign up and start contributing to your HSA. The reason I'm doing this video now is because this is November. This is open enrollment period for most companies. So check with your employer, make sure that you're not running late on your open enrollment. Make sure that when you go to talk to HR about open enrollment as far as your healthcare, dental, and all the different benefits that you get through your employer, talk to them about HSA. This is the perfect time for that. So do not let your money go. So question of the day, do you have a health savings account? If yes, what are some of the key benefits that you've seen with your health savings account? Let me know in the comment section. Like, share, subscribe, and as always, stay motivated.