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Any reason to keep any more in HSA than the deductible+out of pocket max
| Pink turdskin | 01/23/18 |
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Date: January 23rd, 2018 7:52 PM Author: Pink turdskin After contributing for more than 4 years, I've finally saved enough in my HSA to cover a major medical expense that would require my entire high deductible+out of pocket max.
Any reason to keep the HSA contribution going other than the tax benefit? |
Date: January 23rd, 2018 7:52 PM Author: mustard free-loading bbw Use HSA as another tax sheltered investment. You should max it every year and leave it untouched. (http://www.autoadmit.com/thread.php?thread_id=3868845&forum_id=2#35221111) |
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Date: January 23rd, 2018 7:56 PM Author: Pink turdskin But what if I go like 10 years without hitting any more than 20% of my deductible?
What the hell am I going to do with a massive health fund? |
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Date: January 23rd, 2018 7:57 PM Author: mustard free-loading bbw Once you hit ~60 it's like another IRA. No requirement that funds are withdrawn for health-related expenses. (http://www.autoadmit.com/thread.php?thread_id=3868845&forum_id=2#35221158) |
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Date: January 23rd, 2018 8:01 PM Author: Pink turdskin I think it's 65, but yeah it's like another Traditional IRA at that point.
But that's only if the government doesn't change the rules in the next 30 years. Fat chance |
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Date: January 23rd, 2018 8:05 PM Author: mustard free-loading bbw They might cut off funding prospectively but won't deny tax benefit for existing funds. Would be uproar, litigation. Risk is minimal enough to permit assumption of reliability for planning. Fund it baby. (http://www.autoadmit.com/thread.php?thread_id=3868845&forum_id=2#35221231) |
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Date: January 23rd, 2018 8:24 PM Author: impertinent chapel community account Another wrinkle in the withdrawal rules: there is no time limit on making a qualified withdrawal.
So what you can do is this: Pay for medical expenses out-of-pocket. Then instead of reimbursing yourself from the HSA, keep the money in the HSA and keep the documentation indefinitely. When you have a need for some money, just whip out those old medical bills and the money comes out tax-free. |
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Date: January 23rd, 2018 8:30 PM Author: swashbuckling private investor casino it can be used for family too (http://www.autoadmit.com/thread.php?thread_id=3868845&forum_id=2#35221472) |
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Date: January 23rd, 2018 8:03 PM Author: Opaque vibrant hissy fit A lot of HSAs charge fees for not maintaining a minimum balance. (http://www.autoadmit.com/thread.php?thread_id=3868845&forum_id=2#35221212) |