Health savings accounts (HSAs) are becoming a popular way for investors to save for retirement. HSAs allow you to save money tax-free to use towards medical expenses. In addition, HSAs can be used to help fund your retirement.
The money contributed to an HSA is not subject to federal income tax, and the money in the account grows tax-free. You can use the money in your HSA to pay for qualified medical expenses, including deductibles, copayments, and coinsurance. You can also use the money in your HSA to pay for long-term care costs. With an HSA, you have more control over how your money is spent, and the funds are yours to keep as they roll over year after year.
An HSA is set up to be a retirement plan designed to cover medical expenses in retirement but may be used at any time as the account holder’s financial situation may warrant.Becky Seefeldt, BRI Vice President of Strategy
In this article, BRI’s VP of Strategy, Becky Seefeldt, and other industry experts discuss how HSAs can be used as an investment tool and provide tips on how to get started.