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You can also save up receipts that you didn’t take an HSA reimbursement for and reimburse yourself anytime later. This can give you completely tax free income after retirement.
Ya most people just use their HSA as a tax advantage investment account so they contribute as long as they feasibly can. Even if you don’t use it as an investment vehicle it is still beneficial as it can be seen as a discount way to cover your detectable. So I would say there is never really a good reason to not contribute to it as long as you financial can.
I don’t plan to stop contributing until after I am retired. Even if you don’t use it for medical, it essentially becomes a traditional Ira at age 65
The HSA is my favorite retirement/investment account. I’d never stop contributing!
Post retirement medical is expensive plus like director said, save receipts and then boom so much tax free money. Also sunscreen is HSA eligible so there’s lots of other things you typically need that cvs help wrack up those receipts
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I would say of you feel like you are at that point and don't want to deal with saving receipts for decades then keep contributing but start asking for reimbursements when you incur medical expenses.
Investing the full balance is the tax optimized answer but nothing wrong with using them the way they were intended and get a significant current discount on medical expenses.
Completely agree with that. Once you retire it will get tricky about how you use it. It may be a good idea to use it earlier. If I am not mistaken, if you die with a balance it is all taxable income to the beneficiary that year. That is worse than other retirement plans. Still not the worst problem to have