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What's the word Gang,
As a fellow first-gen college grad turned entrepreneur, I know you're more than likely stressed and near (if not already there) burnout and looking for something low-cost to care for your mind, body and entrepreneurship journey if you're reading this blog. Don't worry, I got you. Let's dive into how to navigate the murky waters of entrepreneurship while keeping your health and sanity intact.
So, picture this: You've just graduated with your masters, ambitious and ready to conquer the world. You land in a bustling city like DC, seeking growth and challenge. But soon enough, you're hit with a barrage of existential questions: Who am I? Where am I going? How do I even begin to navigate this fast-paced world?
Five months in, the pressure mounts, and you find yourself in the midst of a panic attack. It hits you – you're not okay. The transition from a slower-paced environment to a high-performing city has left you feeling stretched thin, questioning everything you thought you knew about yourself and survival.
Amidst the chaos, you realize the importance of self-care and well-being. You need to find ways to slow down, tap into your creativity, and strengthen your confidence. But here's the kicker – it needs to make financial sense, too. After all, you're still figuring out your purpose, playing the long game.
Enter your job's enrollment season and a game-changing discovery – health benefits. It's not like you didn't know about benefits before. It was just one of those things you knew you needed but never really took full advantage of. This go around, they're really putting you on game and educating you on your options and why certain options may be the best one for you. You learn about transit benefits, retirement plans, and the real MVPs – Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA). With these tools, you can proactively manage your health expenses, save a coin and actually calm your mind and body, both now and in the future!
As of 2024, the FSA offers $3,200 upfront for eligible medical expenses while you contribute pre-tax dollars to it up until the max amount ($3,200). With this, you save 30 cents on the dollar, greatly reducing your expenses. BUT you have to use it all the same year. Unused funds get lost. On the other hand, the HSA allows you to set aside up to $4,150 pretax money for individuals that rolls over year after year and grows over time tax free! You can even invest with it! Plus, your employer might make a contribution to your account too, so it's like free money in your pocket. Now both of these can only be used for eligible expenses. You'd be surprised how many of your medical expenses you can actually pay for with these accounts. Check it out here or if check out the IRS rule! You can even use them on AMAZON!! IKR!!
But here's where it gets interesting – you can use your FSA and HSA for more than just basic medical expenses. Think gym memberships, fitness classes, even meal prep services. I couldn't believe it when I read it. Because these were already things I was paying for or wanted to pay for but felt I didn't have the funds to do it. After looking more into it though I realized that these sort of things can only be covered if you had a letter of medical necessity from your doctor. What does that mean? If your doctor ever recommended you try some sort of stress management or weight management program to improve your health, ask them to put it in a letter so that you can use your FSA and HSA to cover that expense. Sure, it is a little extra step, but you were going to the doctor for your check ups anyway right!? The payoff is worth it.
So, you dive in headfirst, utilizing your benefits to cover everything from chiropractor visits to stress management programs. And guess what? It works. You're saving money, staying healthy, and even earning cash incentives for taking care of yourself.
Now, here's the real talk – the journey to finding your purpose isn't easy. It's heavy, and it can take a toll on your mind and body. But by leveraging your health benefits, you're setting yourself up for success, both personally and professionally.
So, fellow first-gen entrepreneur, take a moment to breathe. Check in with yourself and make sure you're utilizing all the resources available to you. Because in the game of entrepreneurship, your health is your greatest asset. And trust me, you're worth investing in.
By the way, if you have been keeping up with me and what we are doing in the Zone, my new gym for entrepreneurs battling stress, anxiety, and depression, I got good news! By the end of May, I'll be accepting FSA/HSAs so you can use your benefits to prioritize your well-being with Gutted. Stay tuned!
Remember, you've come this far – you've got what it takes to thrive.If you want to go deeper in this conversation and really get into the details with starting and using an FSA and HSA, put your questions in the comments and we can get into it!
Stay well,
Christie
Check out these links for more info
What is an FSA and Has- https://www.aetna.com/health-guide/hsa-vs-fsa.html
Reimbursable wellness expenses https://hrs.uni.edu/wellbeing/healthyweight/fsawellness
Offer a letter of medical necessity on the site- https://www.goodrx.com/insurance/fsa-hsa/hsa-eligible-expenses