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Started By
Message
re: Invest HSA
Posted on 12/17/24 at 6:06 pm to Lsut81
Posted on 12/17/24 at 6:06 pm to Lsut81
quote:
After 60, can withdraw penalty free for any reason?
Age 65.
If you save your medical bills you can withdraw at any time tax free. Some people will use this strategy for when they retire early as a bridge.
1
Posted on 12/17/24 at 6:08 pm to La Place Mike
quote:
If you save your medical bills you can withdraw at any time tax free. Some people will use this strategy for when they retire early as a bridge.
So
Contribute and build HSA, so its compounding tax free
Pay bills out of pocket but keep receipts
At 65, pull all money out tax free or if need money before, refer back to saved receipts and withdraw as needed
profit
Posted on 12/17/24 at 8:56 pm to Kolbysfan
I have an old HSA from a previous employer which is still active.
I now have a normal PPO plan, but want to fund the HSA to the maximum each year. So far it hasn’t been an issue, but I recently heard that you are only supposed to contribute if you’re current on a high deductible plan with an HSA option.
Thoughts?
I now have a normal PPO plan, but want to fund the HSA to the maximum each year. So far it hasn’t been an issue, but I recently heard that you are only supposed to contribute if you’re current on a high deductible plan with an HSA option.
Thoughts?
Posted on 12/17/24 at 9:44 pm to Klondikekajun
Who does your taxes? That is one of the key questions that comes up during tax prep on this topic.
Posted on 12/17/24 at 9:50 pm to Klondikekajun
quote:
So far it hasn’t been an issue, but I recently heard that you are only supposed to contribute if you’re current on a high deductible plan with an HSA option
Correct. You can only contribute to an HSA if you are on a high deductible plan. However you can still use funds from your old HSA bc you were eligible then.
Posted on 12/17/24 at 10:51 pm to Kolbysfan
I invest the maximum amount my plan allows.
I have to keep 2k in cash and can invest the rest. I know it's not the most efficient use of an HSA but I will use it for large expenses (example: when our kids were born) but otherwise I plan to keep everything I put in invested for the next 30+ years.
I have to keep 2k in cash and can invest the rest. I know it's not the most efficient use of an HSA but I will use it for large expenses (example: when our kids were born) but otherwise I plan to keep everything I put in invested for the next 30+ years.
Posted on 12/17/24 at 10:52 pm to Lsut81
quote:
So
Contribute and build HSA, so its compounding tax free
Pay bills out of pocket but keep receipts
At 65, pull all money out tax free or if need money before, refer back to saved receipts and withdraw as needed
profit
exactly.
Posted on 12/18/24 at 7:34 am to Klondikekajun
quote:
but I recently heard that you are only supposed to contribute if you’re current on a high deductible plan with an HSA option.
That is correct. You will have a mess on your hands once they find out you are funding without having an HSA plan.
Posted on 12/18/24 at 8:39 am to JohnnyKilroy
quote:
So
Contribute and build HSA, so its compounding tax free
Pay bills out of pocket but keep receipts
At 65, pull all money out tax free or if need money before, refer back to saved receipts and withdraw as needed
profit
exactly.
And, depending on if your company contributes, it may make sense to keep a family plan vs an individual plan. For me, as a single dad, I keep the high deductible family plan and will keep kids on until they age out (26). My company puts in an extra $500 for family vs individual. The delta on monthly premiums of a family plan vs individual is <$500/yr so makes sense.
Also, if you are covered by your spouses plan, it may still make sense to elect health care through your employer just to get access to the HSA so you can fund it, get company $$, and use it as THE best retirement account
Posted on 2/2/25 at 11:26 am to gpburdell
How do you keep track of your receipts? Is there a way you upload them to your HSA and get them approved but not get reimbursed. Seems like it could be a nightmare trying to keep up with 10 years of paper receipts.
Posted on 2/2/25 at 6:52 pm to Lsut81
quote:
At 65, pull all money out tax free or if need money before, refer back to saved receipts and withdraw as needed
At 65, you can withdraw from HSA for any reason penalty free. However only qualified medical expenses are tax free. Anything else would be taxed as ordinary income like an IRA.
This post was edited on 2/2/25 at 6:53 pm
Posted on 2/2/25 at 7:00 pm to chuckitdeep
quote:
How do you keep track of your receipts? Is there a way you upload them to your HSA and get them approved but not get reimbursed. Seems like it could be a nightmare trying to keep up with 10 years of paper receipts.
I keep a google spreadsheet of eligible expense by year of anything over $50. On average this is probably 8-10 items per year.
When I do my taxes each year, for each entry in that spreadsheet I get a pdf of the bill/eob and the credit card statement showing I paid it. I add this to my archive of yearly tax returns and documents. Takes less than 30 minutes.
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