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Started By
Message
1
Posted on 2/11/19 at 10:27 am to TigerintheNO
For those using it for mixed investment and current expenses, you can have multiple HSA accounts. You could roll some from a bank to a brokerage to invest if you want. This is what I intend to do once the balance builds somewhat.
Posted on 2/11/19 at 12:01 pm to lsujro
quote:This is what I need to do because my employer’s HSA is with Gulf Coast bank and they do not offer any invesment opportunity with the HSA money.
For those using it for mixed investment and current expenses, you can have multiple HSA accounts. You could roll some from a bank to a brokerage to invest if you want. This is what I intend to do once the balance builds somewhat.
Posted on 2/11/19 at 7:09 pm to 3morereps
He’s probably got a “flex” account or at least that’s what they were called years ago. HSA rolls over — been doing it for years.
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.
Posted on 2/12/19 at 4:54 am to 3morereps
I max 401k, HSA, and dependent care
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 7:46 am to castorinho
quote:
Just recently started paying our medical expenses out of pocket instead of using the HSA. While that money grows.
I'll pay myself back years down the road
can you elaborate on this? I have been on the Maxing HSA train for a few years but I also pay medical expenses out of this account as well when they are due
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.).
Posted on 2/12/19 at 8:17 am to PhiTiger1764
quote:
He is choosing to delay reimbursing himself
Incorrect, he says he will take the funds out early if he needs to (see quote below). In the event that he never “needs” to use the funds, he would have voluntarily paid for all of his medical expenses with after tax dollars (thus needlessly overpaying taxes)
quote:
If i need funds early, i will just save receipts and be reimbursed for years passed medical expenses
Posted on 2/12/19 at 8:49 am to MikeBRLA
I plan on keeping records of all my incurred medical expenses- thus avoiding taxation when funds are withdrawn fron the HSA- hoplfully 20-30 years in the future to allow dollars to grow
Any dollars I have in excess of medical expenses, i plan to withdraw after 65 to avoid 20% penalty or use for medical expenses in retirement.
Any dollars I have in excess of medical expenses, i plan to withdraw after 65 to avoid 20% penalty or use for medical expenses in retirement.
Posted on 2/12/19 at 9:00 am to MikeBRLA
Early here means nothing from a tax standpoint, thats just his early based on his own timeline. He'll still get the tax benefits.
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