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re: HSA for retirement
Posted on 2/12/19 at 4:39 am to 3morereps
Posted on 2/12/19 at 4:39 am to 3morereps
quote:
Thus, cashflowing current medical expenses
Why would you voluntarily pay for medical expenses with after tax dollars when you have a vehicle to pay with pre-tax dollars (the HSA). By doing so you are literally paying more in taxes than you are obligated to
If you want to save more in your HSA or IRA, that is fine, but forgoing the HSA’s medical expense benefits and overpaying for medical expenses doesn’t make sense to me.
2
Posted on 2/12/19 at 7:10 am to MikeBRLA
quote:
If you want to save more in your HSA or IRA, that is fine, but forgoing the HSA’s medical expense benefits and overpaying for medical expenses doesn’t make sense to me.
He is choosing to delay reimbursing himself, not forgoing the benefits. In the mean time, the account remains larger and can grow with tax free dollars.
He is not reimbursing himself now just because he can.. and will instead reimburse himself years down the road when he needs the money for an emergency, house down payment, vehicle, vacation, retirement, anything he wants..
Posted on 2/12/19 at 8:01 am to MikeBRLA
quote:
Why would you voluntarily pay for medical expenses with after tax dollars when you have a vehicle to pay with pre-tax dollars (the HSA). By doing so you are literally paying more in taxes than you are obligated to
If you want to save more in your HSA or IRA, that is fine, but forgoing the HSA’s medical expense benefits and overpaying for medical expenses doesn’t make sense to me.
I think your basic premise is flawed here. You are better off to pay medical expenses with non-HSA dollars and have the investments in the HSA compounding tax free (both in growth and when sold in the future for retirement/medical expenses in retirement). Either way, regardless of if you pay the medical expenses currently with HSA or non-HSA dollars, you still get the tax benefits of contributing to an HSA (avoiding FICA, federal income taxes, etc.).
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