13 Responses to Health Savings Accounts: The Benefits And Possible Retirement Options

  1. Barbara Friedberg 01/04/2014 at 5:32 pm #

    I’ve started to use my HSA as another vehicle for tax sheltered retirement saving. I started contributing the max last year and expect to do so this year as well. I expect it to grow and if I need it, it’s there.

  2. harry @ pf pro 09/30/2013 at 8:52 pm #

    The biggest benefit of an HSA comes when you pay for your current medical expenses with after tax dollars and max out your HSA like you mention but if you save those receipts you can actually take out the equivalent amount in 10, 20, 30, or 50 years.

    That’s 50 years of tax deferred growth! You’d have to pay taxes on the growth like a 401(k) but the original amount is completely tax free whenever you take i tout.

  3. Micro 09/30/2013 at 7:09 pm #

    I am really looking forward to my employer implementing a HSA in the fall. I can start creating a giant emergency fund dedicated to medical expenses. By the time I retire, the value of the account should be substantial. By the time I get old and really need a medical assistance, it should be able to help me out greatly.

  4. midlifefinance 09/30/2013 at 1:59 pm #

    I don’t think we can contribute to an HSA. I’ll check with the missus at the next open enrollment.
    I like the idea though. What can you invest in? Mutual funds?

  5. Bryce @ Save and Conquer 09/30/2013 at 11:06 am #

    I like HSA plans. As you pointed out, they can be a useful tool for healthy individuals to accumulate additional tax free money, as long as it is spent on health care. We had a high-deductible HSA plan some years ago. It was great until I was diagnosed with cancer. Treatment then ate up the deductible each year. Luckily, our work plan offered a low-deducible HMO plan for not much more cost each month. Since my health will always be poor going forward, a low-deducible plan works best for us.

    • Paul 09/30/2013 at 7:57 pm #

      Really sorry to hear that Bryce. I wish you and your family the best as you live with cancer. Sounds like the low-deductible plan is a good option.

  6. Tushar @ Everything Finance 09/30/2013 at 6:11 am #

    I plan on paying for retirement costs via savings and insurance. I am in good health and ensure that I maintain a very healthy lifestyle, so it is my hope that my health won’t deteriorate. If it does, I’ll be prepared. I like the idea of an HSA for that purpose, though.

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