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If you change jobs or retire, your HSA moves with you.Ĭommonly, people think of their health accounts as a spending vehicle. By putting your HSA dollars to work by investing them, you’ll have a chance to grow your account over the long term.Īnd don’t worry, if you ever need money for current medical expenses, your HSA funds are always accessible An HSA parked solely in cash to cover short term needs will only keep you focused on the here and now. Saving over spending, chance are the more you'll have to cover your medical needs in retirement.
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1 The sooner you start saving in your HSA, and emphasizing You are single, and about $301,000 if you are married. These could be anywhere from $144,000 to $163,000 to pay for your health care if Think about your health care costs in retirement.These tax advantages can make for compelling reasons to save in your HSA. The money you contribute to your account,Īny earnings and any withdrawals for qualified expenses - all are tax-free. When you use HSA funds for qualified medical expenses, you don’t pay taxes.After all, that’s really what it’s designed for.
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An HSA lets you save for out-of-pocket medical expenses or spend as needed.īut there are many good reasons consider the "savings" feature of a health savings account. And with a health savings account, it’s a particularly To spend or to save? It’s the age-old tug of war when it comes to financial matters.