How to Maximize Your Health Savings Account

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[brandon]

I’m one of the 13% that has started doing this within the last year or so.

[chrishayes]

As an OG 4%'er its cool to see more people becoming aware of this top tier investment vehicle.

[pete]

Dont you need to have a high deductible health plan?

[Gzickgraf]

Part of the 13% 💰. Treating in like another retirement account for the future

[lmelior]

Went from 1/25 to 1/8...quite a nice little jump!

[jaket]

I got to many medical bills to not use that money

[arrtwo]

Been throwing money in my HSA and investing it too

[OrigWJ]

Hey money expert - that 4% stat - was that 4% of all of the people with health insurance, or just those who are eligible to have an HSA because they have high deductible healthcare plan? Perhaps due to healthcare costs exploding, and the way insurance companies respond by changing the game in their favor, the new health offerings have pushed people towards high deductible plans? So more people now in high deductible plans make them eligible for a health savings account? And don’t forget the krypton to your plan - healthcare costs!! People use these HSA accounts to pay for healthcare costs. So they take the 35% pretax money out of the HSA for their healthcare costs. They’re not taking the money out and going on vacation. You’re not completely wrong - it’s a great additional vehicle for retirement savings if you have no healthcare needs for that money. It’s just slightly disingenuous by not giving the full explanation.

[jonathonvoegtli]

I try to save/invest in my HSA but when I need about 1500$ in dental work done a year it clears it out. I'm just glad I have it set aside and it does slowly grow

[maxdiesel]

Don't you have to spend that money every year or you will lose it?

[ld]

I've been retired for 13 years and sure with they had these accounts back in the day when I was doing my saving and planning for retrement.

[Alex-zinb]

ya thats a nah from me dog. gonna use that fax free money to buy my medication and glasses. the sad thing is how the hsa is so micromanaging

[Joenzinator]

I'm concerned that I'm loading it up too much. I'll have $600, 000 by retirement. I'm considering using ~25% of the contributions each year rather than using cash, because I don't think I'll need that much HSA money.

[Lp]

A lot of us need that tax free money for our healthcare costs. You have to stop telling people it is wrong to use that money and that they should only invest it.