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Started By
Message
HSA question
Posted on 1/20/14 at 2:35 pm
Posted on 1/20/14 at 2:35 pm
Im 34, self employed, married and have a 5,000 deductable. (no kids) I never go to the Doctor (I know this could change in a second). Why would I not want to max out an HSA every year.
Posted on 1/20/14 at 2:40 pm to Duckman13
No reason not to max it out. You'll thank yourself when you have kids that you have Thousands in an HSA.
Posted on 1/20/14 at 2:48 pm to Duckman13
It can also act as another tax deferred IRA. A lot of HSA account providers have investment vehicles that you can utilize. I think HSAbank.com allows you to use TD Ameritrade to trade a lot of stuff. At 65, you can withdraw the money penalty free (not tax free -- you've never been taxed on it).
LINK
LINK
This post was edited on 1/20/14 at 2:49 pm
Posted on 1/20/14 at 3:04 pm to rmc
quote:
you've never been taxed on it
Not always true. My employer used to have an after-tax HSA.
Posted on 1/21/14 at 8:29 am to Duckman13
max it out every year and watch it grow tax free (or crash as the case may be)
HSABank will let you trade it at Ameritrade (just about anything, not a short list of bad mutual funds with high fees)
ETA: I see all of this has already been covered...never mind
HSABank will let you trade it at Ameritrade (just about anything, not a short list of bad mutual funds with high fees)
ETA: I see all of this has already been covered...never mind
This post was edited on 1/21/14 at 8:31 am
Posted on 1/21/14 at 12:00 pm to Duckman13
quote:
Why would I not want to max out an HSA every year.
I would imagine you wouldn't want to if there was something other than healthcare expenses that you absolutely knew you'd need the money for. Otherwise, have an ample amount of money in your savings account for non health related emergencies and stack your HSA as much as you can afford to.
I just doubled my contributions starting with my next paycheck
This post was edited on 1/21/14 at 12:01 pm
Posted on 1/22/14 at 6:47 am to dcrews
last year was my first year in a high deductible plan with an HSA. We maxed out our contributions and actually paid for most of our expenses out of pocket, except for a few high dollar procedures. But we should be starting off the year with about 4k in the account. My goal is to have my maximum out of pocket covered in the account this year and then continue to build. I can cover pretty much all of my doctor bills at this point, I want this account as a safety net in case any thing major were to happen.
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