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In addition to using an HSA for medical expenses, it can also be used as another way to save for retirement. Once you reach age 65, money held in an HSA can be withdrawn and used for any reason ...
"The HSA was created when high-deductible (insurance) plans came about," explains Joseph Conroy, author of "Decades & Decisions: Financial Planning at Any Age," and a financial advisor with ...
Health savings accounts aren't nearly as popular as their more well-known counterparts like IRAs and 401(k) plans. Although their stated purposes are different -- an HSA is supposed to help you pay...
You can use HSA funds now and in retirement. You, an employer, a relative or others can contribute to your HSA. There are no time constraints for spending the funds. If you have money left in your ...
If you withdraw money from an HSA for anything but qualifying healthcare expenses, you’ll pay a 20% penalty on your distribution. This can negate most of the tax benefits you derive from the HSA.
This rule provides flexibility to use your HSA funds for anything you need in retirement. However, there’s a big catch. HSAs allow tax-free withdrawals, but only if you’re using the money for ...