Wwyd with random HSA money?
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Anonymous
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DH just quit a job where his employer would put money into an HSA if insurance was deferred. Since we use my insurance, his was deferred and he accrued a decent chunk of money, around $30k. While it was actively accruing we would use it in small increments to pay for things like copays, more expensive dental work, and even braces. He’s since left that job but he is left with this money in the HSA account, and we are sort of at an impasse as to what to do with it.
He thinks we shouldn’t use it and instead, save it for retirement supplemental medical expenses. I think we should keep using it as we have been, and save the difference somewhere where we can earn interest. They also charge us something like $1.31 a quarter in random fees, fwiw. Just curious DCUM’s thoughts. |
Anonymous
| Unless you absolutely need it don’t touch it. The money there grows tax free. Hopefully itis invested in the stock market. If you take money out that you don’t need and reinvest it, gains are now taxable… |
Anonymous
| We max our HSA funds every year (and have done so for the past 10+ years) and we’ve never touched the account. It’s an additional retirement account for us. |
Anonymous
An HSA invested in the stock market? |
Anonymous
You can invest a HSA the same way you can a 401k. |
Anonymous
That’s interesting, I had no idea. I will definitely look into that. I’m curious, if you do this, can you still withdraw for medical reasons before the age of retirement without incurring huge fees? |
Anonymous
| Also, once you reach age 65, you can use the funds for any expense, not just healthcare. |
Anonymous
Yes. You can use the funds at any point for qualifying healthcare expenses. |
Anonymous
| I am so glad I posted. Off to Plan C! Thanks so much! |
Anonymous
| You can roll the HSA into Fidelity if you want/need more investment options. As of last year Vanguard didn’t have the option to accept rollover HSAs. |
Anonymous
| Just coming here to say, I read this as “ransom money.” |
Anonymous
Yep, HSA’s are literally the best and most flexible tax advantaged account. I have an old one from years ago that’s up to $70k. |
Anonymous
| Invest it and let it be. |