For you is the “S” is HSA for saving or spending?
I retired about a year ago. Since I’m too young for medicare and I didn’t have retirement health care coverage from my job, I decided to have a high deductible health savings account (HSA).
I know that for the HSA contributions, I can save what I contribute and let it grow (like an IRA), or spend it on eligible medical expenses but was curious as to what other HSA folks do with their contributions.
If you have a HSA, do you save the contributions or spend it?
I would like to save mine and let it grow since now retired, I no longer have an IRA to contribute to. However, I have racked up some medical expenses I’ve covered out of my own pocket over the last year.
thx for your answers.
Hi Kim~
To clarify..
If your account zeros out each year, I think your account must be a FSA (flexible spending account) rather than a HSA.
One advantage of a HSA is that the contributions accumulate from year to year. Another is the portabliity as an HSA isn’t tied to a company or employment as a requirement.
Thanks for your answer.
Margarito Blancarte
For medical expenses they were the same thing.