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Health savings accounts (HSA) are a great way to set aside money for medical expenses. But did you know that it can also be used for investing purposes? Investing funds from an HSA is an excellent way to save for medical expenses post retirement. With the rising costs of healthcare every bit helps!
Investment Strategy
Continually contributing to an HSA will not only ensure funds are readily available when they are needed, but also present an opportunity for long term growth. First and foremost, it is important to have enough money set aside and available to cover your maximum out-of-pocket expenses as well as deductibles. Doing so ensures your costs are covered and there is money left over to invest.
Risk Assessment
It is important to weigh the pros and cons whenever money is being invested and be confident in your decision to do so. If you do decide to utilize funds for investing, create a strategy and look into a target date fund. Doing so will give direction and carve out a path to follow. At times, it may be enticing to spend the available funds, but it is important to think of an HSA like a 401k or investment account.
Along with investing comes risk. Understanding that nothing is certain and that markets fluctuate over time is important. Utilizing a target date fund (TDF) can help navigate risk long-term. A TDF bases risk off of when a person is hoping to retire. Thus, the farther away from retirement you are, the higher risk investments are made. As an individual gets closer to the retirement age, the money is moved to lower risk investments. Target date funds are also a wonderful way to diversify one’s portfolio.
Pay Yourself Back
If you plan on investing health savings account money, it is important to know that you can take money from another account to pay bills and pay yourself back with your health savings account later on. Just make sure to keep receipts for past transactions.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.
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