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Invest hsa?
Posted on 6/24/19 at 1:28 pm
Posted on 6/24/19 at 1:28 pm
I just got an email saying that I’ve saved enough in my HSA to start investing. Is this smart? I didn’t even know this was an option.
3
Posted on 6/24/19 at 2:06 pm to Rollwave034
I’d have enough cash to cover max OOP and then invest the rest. Take advantage of tax advantages
Posted on 6/24/19 at 2:18 pm to Rollwave034
Depends on what your goals are for the funds.
I use Fidelity. They let one start investing right away. My goal is to supplement retirement with the HSA. I am currently cash flowing medical expenses and investing the has dollars in the market. i can reimburse my self for medical expenses incurred in the past with tax free dollars from my hsa. it is triple tax advantaged: 1) deduct contributions 2) grow tax free and 3) qualified distributions are tax free
I use Fidelity. They let one start investing right away. My goal is to supplement retirement with the HSA. I am currently cash flowing medical expenses and investing the has dollars in the market. i can reimburse my self for medical expenses incurred in the past with tax free dollars from my hsa. it is triple tax advantaged: 1) deduct contributions 2) grow tax free and 3) qualified distributions are tax free
Posted on 6/24/19 at 2:27 pm to Rollwave034
Heck yes it is smart and I highly recommend it.
Posted on 6/24/19 at 2:28 pm to 3morereps
quote:
it is triple tax advantaged: 1) deduct contributions 2) grow tax free and 3) qualified distributions are tax free
After 65 you can also treat it like a 401k and spend the money on non-medical items without penalty.
This post was edited on 6/24/19 at 2:29 pm
Posted on 6/25/19 at 10:58 am to 3morereps
quote:
My goal is to supplement retirement with the HSA. I am currently cash flowing medical expenses and investing the has dollars in the market. i can reimburse my self for medical expenses incurred in the past with tax free dollars from my hsa.
How are you keeping track of your expenses and invoices?
Posted on 6/26/19 at 1:03 pm to lsu13lsu
I’m doing something similar and I’m sure there’s a more sophisticated way, but I just have two folders in my filing cabinet. One for medical bills paid out of pocket and one for bills I’ve paid with HSA funds. When I get a bill or receipt that I paid out of pocket I write the account it came out of and the date on the bill and file it. That should be adequate to prove it was a valid expense if I ever need to pay myself back
Posted on 6/26/19 at 2:26 pm to Woodbird
Why just avoid the billback and pay everything via the HSA?
HSA = greatest savings vehicle in the entire IRS tax code.
HSA = greatest savings vehicle in the entire IRS tax code.
Posted on 6/27/19 at 1:22 pm to lynxcat
HSA is invested in VTI. The plan is to hopefully keep contributing and never draw from it for the next 35-40 years. But I have the documentation to prove it’s a valid medical expense if ever needed.
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