There are obvious advantages that come with choosing an HSA that is geared to consumers who are comfortable investing their money. Plus, you can easily rollover your old HSA into a new HSA account.Ī lot of consumers don’t realize that, in addition to gleaning all sorts of tax advantages, many HSA accounts let you invest your funds just like you invest your retirement funds. Just because your employer offered a healthcare plan with an HSA option doesn’t mean it was the best HSA out there. If you have medical expenses to pay for, any money you have stashed away could help.Īs you prepare to leave your job for a new career, freelancing, or any other goal, it may be wise to compare health savings accounts and their offerings so you can switch to a new account. According to 2018 research from the Employee Benefits Research Institute, the average person who saves in an HSA started last year with $2,764. This also means that, once you leave your job, you can continue spending the money from your HSA account whenever it makes sense. You can just keep adding to your balance for the tax advantages and watch it grow until you’re in retirement and ready to use your cash however you want. ![]() In fact, you don’t have to spend the money at all. Unlike Flexible Spending Accounts (FSAs), which are usually “use it or lose it,” money saved in health savings accounts doesn’t need to be spent by a certain date. ![]() The fact that HSA funds are always going to be yours is another big benefit of this type of account.
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