How You Can Use Your HSA as a Retirement Savings Account
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As you plan and build up your HSA balance, you’ll eventually find you have more money saved than you need for the immediate year. In fact, saving now for medical expenses you’ll incur during retirement is one of the smartest decisions you can make with your finances. You can use your HSA money in retirement to pay for Medicare premiums and medical expenses. And don’t forget it comes out tax-free, so it’s even better than using other retirement funds.
You Can Invest your HSA Funds
Once you hit a certain threshold (usually $2,000), you can open an investment account and invest in mutual funds to save for the long term. You can set up an investment account and choose mutual funds just as you would with a 401K. You can transfer the funds back to your HSA at any time if you need the money or the market changes. For additional information on investing, click here.
Not sure if you’re ready to save for retirement but wondering how much to contribute to your HSA for current expenses? See the article below to see how to begin planning with your HSA.
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HSA FYI__________________________
Make a Plan to Save in 2015
As you’re thinking about how much to save in your HSA, think about expenses you might have this year. This checklist is a good place to start:
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Chiropractor or acupuncture visits |
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Doctor’s visits for colds and routine visits |
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Prescription co-pays |
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Hearing aids |
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Physical Therapy |
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Medical and blood tests |
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Urgent care visits |
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Glasses or contacts |
Add up your estimated costs for the list above and keep your deductible in mind. If you overestimate, it’s not a problem as the money is always yours, so it stays in your account from year to year.
Click here to read more about HSA qualified medical expenses.
Click here for more information about how to save for the future with your HSA.
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| Wondering what qualifies as a medical expense? |
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Every year the IRS puts out a publication that lists what would qualify for an eligible HSA expense for medical and dental. You can find a list of qualified medical expenses by clicking here.
Budget for qualified medical expenses throughout the year by making regular contributions to your HSA. You have several convenient ways to make a deposit, on a schedule that works for you. Learn More
Need a 1099-SA Tax Form?
When filing your 2014 taxes, if you need your IRS form 1099-SA, you can Log into your account and easily download it now. This form details the total distributions made from your HSA for the year. If you did not have distributions during the tax year, you will NOT receive a 1099.
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Want to read past issues of Health Savings News? Click here. |
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Looking for a list of Qualified Medical Expenses for your Health Savings Account? Click here. |
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Free Webinars that offer the answers to your questions in less than an hour. Our Financial Forums have a 20/20 format – taking only 40 minutes out of your day. The first 20 minutes are dedicated to discussing HSA topics, with the last 20 minutes held for Q&A. Click here to access the latest webinars.
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In order to make a contribution to your HSA, you must be enrolled in a qualifying high-deductible health plan and meet the other requirements defined by the IRS.
For 2015, you can contribute up to the IRS limits of $3,350 if you have self-only coverage or $6,650 if you have family coverage. Contribution limits are increased by $1,000 for eligible individuals age 55 or older. These limits include contributions from you, your employer, or others.
Health savings accounts (HSAs) are individual accounts offered by Optum BankSM, Member FDIC, and are subject to eligibility and restrictions, including but not limited to restrictions on distributions for qualified medical expenses set forth in section 213(d) of the Internal Revenue Code. State taxes may apply. Fees may reduce earnings on account. This communication is not intended as legal or tax advice. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment, and restrictions. Federal and state laws and regulations are subject to change.
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