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 and where the HSA fits into your retirement plans, that may not be the best use for an HSA. If you intend to use your HSA to cover a good chunk of your medical expenditures in retirement–a retirement that could last decades–you will not want to make withdrawals that may jeopardize that funding and leave you with less than you intended to have. In such an instance, it may be better to view your HSA as your primary medical funds in retirement that can double as an emergency fund, if need be. However, if you intend to use your HSA for non-medical expenditures in retirement and purposely built up the account to do so, then have at it. If you find that you will have a substantial amount of money in your HSA by the time you retire and you want to put some of it to other uses, you may want to speak with a certified financial planner to see whether that is a good idea and discuss how to go about doing so. An HSA can be a great addition to your retirement savings plan and can help take some of the pressure off your other retirement funds by covering medical-related expenses. If you are considering setting up an HSA to help with both your current and retirement medical-related expenses, you should speak with a certified financial planner to make sure it’s right for you.