Health Savings Accounts (HSA)–often coupled with a high-deductible plan–have become quite popular with employers in recent years. In many places they’ve replaced traditional employer insurance offerings as they pass more healthcare costs on to the employee. They can be beneficial to the employees to as they can take the HSA with them if they leave for a new job and can use it as a place to save money for health expenses as retirement. In fact, if you start saving in an HSA early in your career and invest properly (yes, you can invest a chunk of your HSA) you Continue reading The CARES Act and Your HSA
You are probably well aware that healthcare is something you will need to plan for in retirement because, unfortunately, as we age, our medical expenses don’t go down. Therefore, it’s important that you have some type of healthcare plan in place when you retire. There are a few ways to go about this. If you are retiring before your spouse, you could always join their plan, which most companies allow. If you are over age 65, you are eligible for Medicare, which many Americans rely on for healthcare coverage in their twilight years. Another option is to purchase health insurance Continue reading Thinking About Retirement Healthcare
There’s a good chance that you’re familiar with what a Health Savings Account (HSA) is. You may not have one, but you may have considered opening one at some point in recent years as it has become a common offering by many employers. If you are unfamiliar with HSAs, they are tax-free accounts that can be used to pay for qualified medical expenses and are used in conjunction with high deductible health plans. Distributions used to pay to medical expenses are tax free and there are no income limits for contributions. Furthermore, HSAs can be a great long-term investment as Continue reading Going Up? 2020 HSA Limit Increases Announced
If you did get one this year, what did you do with it? I hope your answer was either put it towards your retirement or used it to pay off any debt you might have. If you already have enough saved for retirement and don’t have any debts (great job, by the way!) then you may want to consider stashing the money away as an emergency fund or putting into an Health Savings Account (HSA). Keep in mind that a refund isn’t free money from the government, but rather money that you were overtaxed on and is the difference between Continue reading Did You Get a Tax Refund This Year?
Health Savings Accounts (commonly known as HSAs) can be a nice addition to your retirement savings plans. They can provide tax-free funds to help pay for your medically-related expenses–such as monthly medicaid premiums and doctor’s visits–and can also serve as an additional retirement account. Now, I want to follow up on that last part. I am not encouraging you to treat your HSA the same way you would an IRA or 401(k). Yes, you can take withdrawals from your HSA once you turn 65 for non-medical uses and only have to pay taxes on those funds. Depending on your situation Continue reading Including an HSA In Your Retirement Plans
In the past, I’ve talked about reasons why you may want to have multiple retirement accounts and how you may end up having multiple places from which you draw your money in retirement. While I’ve mostly focused on IRAs and 401(k)–as well as other employer retirement accounts–I haven’t really talked about another important retirement account you will want to have, a Health Spending Account (HSA). You’re probably familiar with what an HSA is through your employer benefits as it is commonly offered by many employers as a part of health insurance benefits these days. HSAs allow you to save for Continue reading Consider an HSA as a Part of Your Retirement Planning