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Posted on 12/2/22 at 10:29 am to WaWaWeeWa
quote:
Why is everyone saying to contribute to the HSA? What if he doesn’t have any medical expenses.
Because you can also elect to have your HSA funds invested. That's one of the "triple-tax" advantages. HSA administrators vary on how much cash you need to have in the HSA before you can elect to have funds invested, however. Ours is $2k. If at anytime the medical portion of the HSA funds fall below the $2K threshold, it will sweep funds from the investment side to get you back to the minimum.
Posted on 12/6/22 at 11:06 am to WaWaWeeWa
quote:
Why is everyone saying to contribute to the HSA? What if he doesn’t have any medical expenses.
He will at some point. Everybody does. Save the receipts and use them to make withdrawals tax free in the future.
And as the poster above said, the triple tax benefits make the HSA a fantastic investment option. Plus, they’re portable.
Posted on 12/6/22 at 11:31 am to WaWaWeeWa
quote:
Why is everyone saying to contribute to the HSA? What if he doesn’t have any medical expenses.
At 65, you can withdraw funds for non medical and it counds as income like a trad IRA. If the rules stays the same, medicare premiums is a valid medical expense which most will have.
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