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For you baws with HSA accounts
Posted on 10/13/22 at 10:22 am
Posted on 10/13/22 at 10:22 am
Do you actually use the funds every year or are you just parking the money as additional retirement since it’s pretax?
I just switched this year so I’m new to the game. Already max out 401k and AGI is too high for any Roth contribution.
I just switched this year so I’m new to the game. Already max out 401k and AGI is too high for any Roth contribution.
19
Posted on 10/13/22 at 10:24 am to Im4datigers
If you can afford to not use it, max it out and invest. It's tax free in and out. Upload your medical receipts to your provider and you can reimburse yourself years down the road.
Posted on 10/13/22 at 10:27 am to FieldEngineer
So it looks like it’s with a bank just as a regular account right now. Is there a min dollar amount needed before the bank would allow you to invest it in something? What is the typical rule there.
Posted on 10/13/22 at 10:39 am to Im4datigers
Just get on Medicaid bruh
Go to the er when you got a runny nose
Go to the er when you got a runny nose
Posted on 10/13/22 at 10:42 am to Im4datigers
If it grows until retirement/Medicare age, I think you might be able to pay Medicare supplement insurance premiums with it as well as any medical/ prescription expenses. Check me on that though.
Posted on 10/13/22 at 10:45 am to Im4datigers
quote:You have to go into the system and manually invest it. Mine was the same way. Was just sitting in an account until I invested it. I had to have a $1000 balance before I could transfer it to an investment account but after it reached $1000 I set it to automatically transfer
So it looks like it’s with a bank just as a regular account right now. Is there a min dollar amount needed before the bank would allow you to invest it in something? What is the typical rule there.
Not sure if they are all like that but that's how mine is
This post was edited on 10/13/22 at 10:46 am
Posted on 10/13/22 at 10:47 am to Pelican fan99
Like all my other accounts, the wife and kids do a good job of keeping this one near zero.
Posted on 10/13/22 at 10:49 am to FieldEngineer
quote:Wow, I never heard of reimbursing expenses years down the road. Did not know that was allowed. You learn something new every day.
Upload your medical receipts to your provider and you can reimburse yourself years down the road.
quote:To be clear, it's gotta be a qualified medical expense for it to be tax-free. Save it for retirement and it's just tax-deferred.
It's tax free in and out.
Posted on 10/13/22 at 10:55 am to Im4datigers
quote:
So it looks like it’s with a bank just as a regular account right now. Is there a min dollar amount needed before the bank would allow you to invest it in something? What is the typical rule there.
I'm not sure if it's an IRS thing or if it's specific to whoever administers the HSA, but our minimum balance is $2K before it can be invested.
eta: and to echo what another poster said, KEEP YOUR RECEIPTS. Whether you pay for medical expenses using the HSA or out of pocket, you need to keep record of them. The IRS can come back and make you prove that the purchases were for medical expenses if you swipe the HSA card. If you pay out of pocket and use the HSA as a retirement vehicle, if you kept those receipts you can later reimburse yourself from the HSA balance.
This post was edited on 10/13/22 at 10:58 am
Posted on 10/13/22 at 10:56 am to Niner
quote:
To be clear, it's gotta be a qualified medical expense for it to be tax-free. Save it for retirement and it's just tax-deferred.
That is true but even if you use it at 65 or older for non-medical expenses then it is just acting like a traditional IRA.
quote:
Wow, I never heard of reimbursing expenses years down the road. Did not know that was allowed. You learn something new every day.
Yes you can save all your expenses for the next 20 years and submit them at 1 time when you retire or need the money and get it all tax free as reimbursements. There currently is no time requirement on submitting for reimbursements. I would imagine it is possible that law changes in the future but doubt they go after that.
Posted on 10/13/22 at 10:57 am to Niner
One of the only triple taxed advantaged accounts. Goes in tax free, grows tax free, and if used for QME, taken out tax free. If you reach retirement age, there WILL be QME. I max mine out every year, but I also have a $2000 minimum cash balance which sucks. It’s with Health Equity.
Posted on 10/13/22 at 11:05 am to Im4datigers
Since it requires a high deductible health plan, we typically spend the HSA funds plus some out of pocket each year. Max contribution is only $3,650 this year plus an additional $1,000 if over age 55. That doesn’t go far these days unless you are young with little medical expenses.
Posted on 10/13/22 at 11:09 am to Im4datigers
It is another retirement account for me. I never use it. I just let it compound.
Posted on 10/13/22 at 11:15 am to Niner
quote:
Wow, I never heard of reimbursing expenses years down the road. Did not know that was allowed. You learn something new every day.
It may vary by provider, but I don't believe there is any time limit on when you reimburse yourself.
Posted on 10/13/22 at 11:19 am to Im4datigers
I've used the funds on occasion for some particularly expensive things, but generally I do everything I can to not touch them and just let that account build.
Either it is used like a traditional IRA or I use it for medical expenses when i'm older as there definitely will be plenty. Either way, win-win.
Either it is used like a traditional IRA or I use it for medical expenses when i'm older as there definitely will be plenty. Either way, win-win.
Posted on 10/13/22 at 11:29 am to Im4datigers
Do any of you know if you must use employer health insurances in order to maintain the HSA? Because I want to switch to the wife's insurance but keep HSA.
Posted on 10/13/22 at 12:01 pm to Im4datigers
I've got a wife and 3 kids.
I've also got pretty good insurance.
We don't tend to use all of it. I keep my max OOP in the account and invest everything over that.
I've also got pretty good insurance.
We don't tend to use all of it. I keep my max OOP in the account and invest everything over that.
Posted on 10/13/22 at 12:12 pm to Im4datigers
I’m a big fan of my HSA, and although I’ve used some funds this year, I’m planning on avoiding using them in the future.
Have you looked into back door Roth?
quote:
AGI is too high for any Roth contribution
Have you looked into back door Roth?
Posted on 10/13/22 at 12:15 pm to Theduckhunter
quote:
Have you looked into back door Roth?
Obviously have seen plenty about them, but don’t I have to file something on an annual basis with it? I don’t just backdoor it to a Roth and put it to bed right?
Posted on 10/13/22 at 12:46 pm to Im4datigers
Let it build and in retirement possibly use some to pay monthly medical insurance premiums
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