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Started By
Message
Anybody else using their HSA as a retirement vehicle?
Posted on 3/22/24 at 8:05 am
Posted on 3/22/24 at 8:05 am
Apparently I was slow to learn you can take distributions for non medical expenses penalty free at 65.
That's an extra $8300 a year you can put away tax free for retirement for you young married baws.
I have refused to use any HSA funds for medical expenses since I learned this fact.
This should be talked about more IMO.
That's an extra $8300 a year you can put away tax free for retirement for you young married baws.
I have refused to use any HSA funds for medical expenses since I learned this fact.
This should be talked about more IMO.
24
Posted on 3/22/24 at 8:07 am to DiamondDog
I would like to but Braces, Dental work, glasses, the Flu, etc for the family seems to eat the money up each year
Posted on 3/22/24 at 8:10 am to DiamondDog
agreed. I have been maxing it out for quite a few years. its great
Posted on 3/22/24 at 8:13 am to DiamondDog
I try to max the HSA and just pay cash for current medical expenses. God willing, my family’s med bills have been low and will stay low.
Posted on 3/22/24 at 8:14 am to DiamondDog
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.
Posted on 3/22/24 at 8:14 am to DiamondDog
Yes I max mine every year - HSA is triple tax advantaged it doesn't get much better than that.
Posted on 3/22/24 at 8:22 am to DiamondDog
I'll give you another good fact.
HSA accounts don't have an RMD.
But I will also give you one bad fact.
If anyone other than a surviving spouse inherits the account, it is an immediate taxable distribution in the year of inheritance, to the beneficiary.
HSA accounts don't have an RMD.
But I will also give you one bad fact.
If anyone other than a surviving spouse inherits the account, it is an immediate taxable distribution in the year of inheritance, to the beneficiary.
This post was edited on 3/22/24 at 8:25 am
Posted on 3/22/24 at 8:38 am to DiamondDog
Can you expand of this?
You max out your HSA and then put it into a retirement account? You aren’t required to use it on medical expenses?
You max out your HSA and then put it into a retirement account? You aren’t required to use it on medical expenses?
Posted on 3/22/24 at 8:59 am to DiamondDog
I contribute the max every year, but my wife goes to some sort of doctor 3 times a week it seems so I have very little carryover each year 
Posted on 3/22/24 at 9:39 am to DiamondDog
I would if I was offered a HSA.
Posted on 3/22/24 at 12:52 pm to DiamondDog
It is my understanding that if you keep the receipts for medical payments made out of pocket, you can take that money out without penalty in retirement.
I've paid everything out of pocket and have maxed mine for the last 5 years. I'm 35.
I've paid everything out of pocket and have maxed mine for the last 5 years. I'm 35.
Posted on 3/22/24 at 1:24 pm to DiamondDog
I'm jealous of you folks who have kids and a wife and can max out all of your retirement vehicles.
Cheers.
Cheers.
Posted on 3/22/24 at 3:02 pm to DiamondDog
Been maxing and investing it for years.
You can also do this:. I take a photo of any medical or prescription expense we incur and file it straight to a Google drive folder. Whenever I need that $ for anything in the future (college expenses, retirement etc), I’ll be submitting those old receipts for reimbursement to help fund these things (if I don’t use it for medical $ first).
ETA:
quote:
take distributions for non medical expenses penalty free at 65.
You can also do this:. I take a photo of any medical or prescription expense we incur and file it straight to a Google drive folder. Whenever I need that $ for anything in the future (college expenses, retirement etc), I’ll be submitting those old receipts for reimbursement to help fund these things (if I don’t use it for medical $ first).
ETA:
quote:and what he said
It is my understanding that if you keep the receipts for medical payments made out of pocket, you can take that money out without penalty in retirement.
This post was edited on 3/22/24 at 3:06 pm
Posted on 3/22/24 at 3:27 pm to DiamondDog
I did the math when I was shopping plans. By my numbers, everything has to be perfect. I would have to be making high 6 figures at the least every single year, and have an expected rate of return of 10% each year. Otherwise, you save considerable amounts of money with a non HSA plan.
The point of an HSA plan is to no use the money for medical expenses. It is meant to be used as a pre-tax retirement account. If you have to spend the money out of it, you are wasting money.
I ran the numbers on non HSA plans. The amount of money each month for basically protection against the hospital ripping you off is ridiculous. I decided to go with Medishare. But thats a whole different topic I guess.
The point of an HSA plan is to no use the money for medical expenses. It is meant to be used as a pre-tax retirement account. If you have to spend the money out of it, you are wasting money.
I ran the numbers on non HSA plans. The amount of money each month for basically protection against the hospital ripping you off is ridiculous. I decided to go with Medishare. But thats a whole different topic I guess.
Posted on 3/22/24 at 3:55 pm to DiamondDog
I’ve been using mine for medical expenses. Should I not be doing that?
Posted on 3/22/24 at 10:10 pm to DiamondDog
Yes, balance is mid 50's today. God willing, will make it to retirement without having to use it.
Posted on 3/23/24 at 7:32 am to DiamondDog
I don’t take distributions from my HSA even though as a Type 1 I could clear the account out. I let it grow and never touch it.
Posted on 3/23/24 at 7:33 am to DiamondDog
I'm having trouble finding the answer to this question, does anyone know?
I'm also paying out of pocket for routine medical expenses and saving receipts to make future claims from my HSA. Some of these expenses are for dependents who are currently covered under the plan. However when I make a claim for reimbursement at some point in the distant future, they will no longer be my dependent. Does that matter?
I'm also paying out of pocket for routine medical expenses and saving receipts to make future claims from my HSA. Some of these expenses are for dependents who are currently covered under the plan. However when I make a claim for reimbursement at some point in the distant future, they will no longer be my dependent. Does that matter?
Posted on 3/23/24 at 8:36 am to DiamondDog
With a wife and two teenage boys I fund to the max and just hope to have something roll over. 
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
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