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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
31083 posts

re: HSA for retirement
quote:

Are you sure youre not talking about a flex spending accoun


Yes you are right, it is a FSA not a HSA


lsujro
LSU Fan
BR
Member since Jul 2007
3070 posts

re: HSA for retirement
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.


saderade
New Orleans Saints Fan
America's City
Member since Jul 2005
23234 posts

re: HSA for retirement
quote:

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.

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.


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tiger91
LSU Fan
South of Lafayette
Member since Nov 2005
19393 posts

re: HSA for retirement
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.


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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
11230 posts

re: HSA for retirement
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.


MSTiger33
LSU Fan
New York City
Member since Oct 2007
14798 posts

re: HSA for retirement
I max 401k, HSA, and dependent care


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PhiTiger1764
LSU Fan
Lurker since Aug 2003
Member since Oct 2009
11452 posts

re: HSA for retirement
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..


DawgCountry
Kennesaw St. Fan
Great State of GA
Member since Sep 2012
23219 posts

re: HSA for retirement
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


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GeneralLee
LSU Fan
Member since Aug 2004
8619 posts

re: HSA for retirement
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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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
11230 posts

re: HSA for retirement
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





3morereps
Illinois Fan
The Gym
Member since Jun 2015
4967 posts

re: HSA for retirement
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.


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castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
57027 posts

re: HSA for retirement
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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