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re: Anybody else using their HSA as a retirement vehicle?
Posted on 3/22/24 at 10:19 am to schexyoung
Posted on 3/22/24 at 10:19 am 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.
This is true, but if you save your medical receipts, you can reimburse yourself at any time for those and it will be penalty- and tax-free. The list of reimbursable expenses expanded greatly in 2020 as well, now including OTC meds, first aid supplies, etc. Even things like modifying your home for accessibility (ramps, widening doorways) qualify as reimbursable. LINK
1
Posted on 3/22/24 at 2:50 pm to Lightning
quote:
now including OTC meds
The IRS.gov site you linked states…
quote:
Nonprescription Drugs and Medicines Except for insulin, you can't include in medical expenses amounts you pay for a drug that isn't prescribed.
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