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re: Anybody else using their HSA as a retirement vehicle?
Posted on 3/25/24 at 1:07 pm to Ann Arbor Tiger
Posted on 3/25/24 at 1:07 pm to Ann Arbor Tiger
quote:
You do not have to use the HSA your company tells you to use. It is not like with a 401k. Open a HSA account with one of the major brokers, and instruct your company’s payroll that HSA funds are to go there. Roll over whatever you have now into that account. Then trade how you want to.
I agree with this. The only caveat is if his company provides any sort of match or company contribution. In that case, he *may* be required to leave a certain amount in the company provided HSA (whatever their minimum may be) and then do as you’ve suggested. That’s what I had to do with a previous employer’s HDHP/HSA.
Once a year, I’d roll my contributions and what they’d deposited the previous year into my Lively/TDA HSA account and leave their current year contribution in the company account. Rinse & repeat.
Posted on 3/25/24 at 1:58 pm to DiamondDog
Yes till last year until our out of pocket maximum got crazy and my kids are still small. Always running to this doctor haha. This year opted out to PPO and seem to be good choice as of now
Posted on 3/25/24 at 10:24 pm to wizard of smart
quote:
I decided to go with Medishare. But thats a whole different topic I guess.
I’d be interested in reading a thread about your experience with this. I talked to a rep on the phone long ago, and didn’t feel comfortable with it. I asked him details on how it would cover large medical expenses like cancer or open-heart surgery and he simply said the costs would be shared. I asked for in depth percentages of my out of pocket and he couldn’t give specifics.
Posted on 3/25/24 at 11:18 pm to DiamondDog
I have a HSA account but it's at a local bank that pays basically zero interest. My company said I could move it and they'd deposit in the new account. Any recommendations for a place that will let me invest or pay more interest?
Posted on 3/26/24 at 12:12 am to DynaMike
quote:
Any recommendations for a place that will let me invest or pay more interest?
Fidelity
Posted on 3/26/24 at 8:04 am to gpburdell
Thank you. I'll check them out.
Posted on 3/26/24 at 8:59 am to Semper Gumby
quote:
I’d be interested in reading a thread about your experience with this.
Here’s a link that you might find helpful. I know people who’ve joined Samaritan and CHM. The feedback I’ve heard has been positive with both. I looked at CHM when I was planning my retirement (well prior to Medicare age). I decided to go with a HDHP that I can deduct as a business expense and also have an HSA, which one cannot fund with the health sharing plans.
But check out the link and see if one of these plans would suit your needs, and if you’d be eligible.
Health Sharing Plans
Posted on 3/26/24 at 9:04 am to DynaMike
quote:
Any recommendations for a place that will let me invest or pay more interest?
Fidelity was mentioned above. A couple of others are Lively and Optum. I happen to use Lively and have brokerage services through TDA/Schwab.
I can do anything in the HSA brokerage account that I do in my other tax advantaged accounts: stocks, ETFs, mutual funds, bonds and even options.
Posted on 3/26/24 at 9:13 am to DiamondDog
I learned about this only recently. I still have plenty of years to go before retirement at least.
Guy in a video I watched did the math, and just tucking money away in your HSA and paying out of pocket for medical expenses gives a huge return. This of course only works if you can afford to be without that money.
Guy in a video I watched did the math, and just tucking money away in your HSA and paying out of pocket for medical expenses gives a huge return. This of course only works if you can afford to be without that money.
Posted on 3/26/24 at 4:02 pm to Ann Arbor Tiger
Wow thanks for the reply that is awesome. I will certainly do that
Posted on 3/26/24 at 5:22 pm to Baylor
ITs a great savings plan if you dont need to use it.
tax free, plus earns i think 3%. But most gets used each year which stinks.
tax free, plus earns i think 3%. But most gets used each year which stinks.
Posted on 3/26/24 at 8:32 pm to schexyoung
quote:
Penalty free but not tax free at age 65 non-medical expenses from what I understand. Still a great benefit. Using it as much as possible.
Given that most end of life expenses tend to be medical, it’s best to reserve it for that.
But it is nice to know and I load up my HSA knowing I’m not locking the money for medical expenses only.
quote:
I have refused to use any HSA funds for medical expenses since I learned this fact.
Epic pro tip: there is no expiration for reimbursement. Keep your documentation, let the money stay invested. But if something comes up and you need the money, you can reimburse yourself for old expenses, even if the actual money is going to paying general bills as you are between jobs or something.
Posted on 3/26/24 at 8:52 pm to RoyalWe
It doesn’t have to be offered to you. You just have to be in a high deductible plan. Check out Lively HSA.
Posted on 3/26/24 at 8:54 pm to slinger1317
You can use your current cash flow for those doctor visits and let your HSA grow.
Posted on 3/27/24 at 9:34 am to DiamondDog
Still a good idea, but you will need to pay income taxes on any withdrawals not used for medical expenses.
Posted on 3/27/24 at 10:37 pm to nealnan8
I am retired now (I turn 59 in July). I only got an HSA option the last two years I was working. I have HDHP now and will still contribute to the HSA until I go on Medicare when I am 65. There are some rumblings that Congress wants to allow HSA contributions passed age 65, so I am hopping I can keep doing that.
I am hoping to accumulate enough assets in the HSA to at least have a little flexibility in how I handle my medical expenses when I get older. I pay all the out of pocket costs right now, and hope to accumulate as much in the HSA as I can, and hopefully not touch it until I am in my later years.
If you are younger, based on what I have seen my own parents go through, I would say you should place the same importance on funding and not spending from the HSA as you do on funding 401K up to the company match. HSA is probably more valuable than a Roth IRA if you have to make a choice between the two, but probably only if you delay spending from the HSA until you are much older.
Flip side of that argument is that if you check out early, the Roth is definitely better, because your beneficiaries will not be taxed. If you live a long time, or your wife does, the HSA will probably be more useful to you.
I am hoping to accumulate enough assets in the HSA to at least have a little flexibility in how I handle my medical expenses when I get older. I pay all the out of pocket costs right now, and hope to accumulate as much in the HSA as I can, and hopefully not touch it until I am in my later years.
If you are younger, based on what I have seen my own parents go through, I would say you should place the same importance on funding and not spending from the HSA as you do on funding 401K up to the company match. HSA is probably more valuable than a Roth IRA if you have to make a choice between the two, but probably only if you delay spending from the HSA until you are much older.
Flip side of that argument is that if you check out early, the Roth is definitely better, because your beneficiaries will not be taxed. If you live a long time, or your wife does, the HSA will probably be more useful to you.
This post was edited on 3/27/24 at 10:40 pm
Posted on 3/27/24 at 11:15 pm to DiamondDog
I stealth IRA. Currently sitting at $70K.
Other secret advantage:
You can withdraw penalty AND tax free so long as you keep receipts, as withdrawals aren’t mandated to come in any specific time after the expense occurs. $7K deductible and having surgery tomorrow? You can pay the $7K in cash and hold your ticket for a $7K withdrawal 20 years from now, if that’s economically beneficial to you (and congress does not change the law).
Other secret advantage:
You can withdraw penalty AND tax free so long as you keep receipts, as withdrawals aren’t mandated to come in any specific time after the expense occurs. $7K deductible and having surgery tomorrow? You can pay the $7K in cash and hold your ticket for a $7K withdrawal 20 years from now, if that’s economically beneficial to you (and congress does not change the law).
Posted on 3/30/24 at 6:45 am to Volvagia
quote:
Given that most end of life expenses tend to be medical, it’s best to reserve it for that.
That’s how I look at it. I’m not touching it and saving it for “retirement”, but my assumption is that ultimately it’ll go towards medical related care.
Posted on 4/1/24 at 8:31 am to DiamondDog
I have had an HSA for several years, but didn't learn about using it for retirement purposes until after having kids. I struggle enough as it is to stay organized now-a-days. I just spend my HSA on medical expenses as they come up instead of going through the trouble of logging the receipts and reimbursing later.
I've asked this before, but what's stopping people from reimbursing themselves for the same medical expense year after year? Do you have to send in a copy of your receipt for reimbursement?
I've asked this before, but what's stopping people from reimbursing themselves for the same medical expense year after year? Do you have to send in a copy of your receipt for reimbursement?
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