In this episode, Dr. Jackie Meyer, CPA and David Podell, Founder of Business Benefits Consultants, explore the 401H strategy, an underutilized tool in tax planning that offers significant tax savings and health benefits. They discuss the complexities of implementing this strategy, its benefits, and how it can be integrated into existing retirement plans. The conversation also covers common misconceptions about retirement planning and the importance of proper implementation and tracking.
🔗 Connect with David Podell
https://www.linkedin.com/in/bbconsultants/
https://businessbenefitsconsultants.com/
🔗 Connect with Dr. Jackie Meyer
Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa
Jackie on Instagram @jackiemeyerCPA
Jackie's work at https://www.jackiemeyercpa.com
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Takeaways:
- The 401H strategy unlocks unique tax savings and health benefits.
- Many advisors are unaware of the 401H due to its complexity.
- The 401H can be seen as a layer on top of existing retirement plans.
- It allows for triple tax-free benefits when used for medical expenses.
- Employers must track contributions and distributions carefully.
- The 401H can include a wide range of medical expenses.
- It's essential to have a knowledgeable TPA for implementation.
- The costs of setting up a 401H are comparable to other plans.
- Higher contributions are possible with the 401H strategy.
- Understanding cash flow is crucial for effective planning.
