Tuesday, May 14, 2024

HSA Advantages

HSA: Health savings account, or Health investment account, or Health retirement account

  • Triple tax advantage (contribute, grow, withdraw all tax free)
  • Invest HSA money (for future growth)
  • Carry-over (HSA account belongs to you and no expiration like FSA)
  • Tax free withdraw for medical expenses
  • Penalty free 65+ use funds on anything (Use HSA for anything after 65 years old)
  • Use the receipt loophole (Don't use HSA for medical expenses when you are young, you can reimburse yourself for past medical expense after retirement)
  • You cannot contribute HSA when take medicare (Medicare at 65, no more HSA contribution)

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