{ "media_type": "text", "post_content": "Tips on getting the most out of your HSA card? Do you expense medical bills using your HSA card directly or do you pay with your credit card first and then reimburse yourself?", "post_id": "5f32da0d5863a2001abc9f73", "reply_count": 14, "vote_count": 3, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Tips on getting the most out of your HSA card? Do you expense medical bills using your HSA card directly or do you pay with your credit card first and then reimburse yourself?

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To get the most out of it .... if possible, pay out of pocket. Then wait as long as possible to reimburse yourself. The longer you wait, the longer your contributions can be invested and grow and be disbursed to you as a reimbursement for those qualified medical expenses. Assuming you keep the receipts.

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Depends. I’m sure there are a lot of ways you can play it. Here’s one way: Let’s say you have $10,000 in your HSA today. And a $10,000 hospital bill. You pay that $10,000 out of pocket today and keep the receipts. 30 years from now, that $10,000 of pre-tax money has grown tax free to $60,000 (assuming an average of 6% growth each year). When you’re retired, you reimburse yourself (tax free) for that $10,000. You now have $50,000 left (and whatever other HSA contributions you may have) to use for other qualified medical expenses in retirement, where medical expenses are likely more expensive and more frequent. Or you can make withdrawals on it just like you would and IRA once you hit 65 and pay the same taxes. It can be used as another retirement vehicle in that sense.

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Following !! Just used up my company HSA & need to tap into my personal one. Wondering how claims/taxes going to work

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Credit card to get the cash back and then decide to reimburse or keep invested.

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There’s no time limit for paying yourself back? So as long as you have receipts for all 60years you can reimburse yourself then?

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That's a mind blowing loop hole....

Are we talking about FSA or HSA accounts? FSAs withhold pretax money from your paycheck and you must use the balance by the end of the plan year or lose it. HSAs by contrast don’t expire and the balance in excess of some minimum, usually $1,000, can be invested. The money is pretax going in, and any gains are not taxed coming out. The best thing you can do with a HSA is contribute the max and leave it alone, as it provides a highly tax advantaged additional retirement savings vehicle for medical expenses. If using a FSA or you need to use some HSA funds, I concur that you should put the cost on a personal credit card and reimburse manually, as you’ll get whatever credit card points as well.

About HSAs

Invest your hsa. Pay out of pocket. Save receipts. Pay yourself up to the amount of receipts, 2-30 years later without paying any tax. Or pay yourself for excess leftovers after paying tax like a traditional ira

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