Comments on: Why an HSA is the Absolute Best Retirement Account

By: Matthew

Matthew — Wed, 12 Oct 2016 06:50:59 +0000

David, I appreciate you writing this article. I too am a big fan of health savings accounts. Having worked in healthcare finance for over a decade, I know first hand how quickly medical costs can rise and if you’re able to build up a nice chunk of change for that rainy day (because it will happen) it takes a huge burden off of the patient.

There are some instances where I would not advise enrolling in an HSA, but that is usually for specific situations. For most young healthy individuals, they should absolutely choose a high deductible health plan with an HSA!

By: David Carlson

David Carlson — Sat, 01 Oct 2016 21:34:26 +0000

In reply to Onyk.

Hi Onyk,

It all comes down to what health plan you have. If you have a High-Deductible Health Plan (HDHP) you are almost certainly eligible. If your employer doesn’t offer one through their benefits, but you have a HDHP, you can open an HSA on your own. Here’s eligibility requirements to open one on your own: https://www.optumbank.com/individuals-families/hsa-eligibility.html.

By: Onyk

Onyk — Fri, 30 Sep 2016 15:50:41 +0000

In reply to David Carlson. Hi David, What if your organisation doesn't offer an HSA? I don't want to do the FSA because you lose it if you don't spend it. Can you open one privately?

By: David Carlson

David Carlson — Wed, 28 Sep 2016 22:58:08 +0000

In reply to Marianne. Hi Marianne! Thanks so much for the feedback. Just made note of a follow-up article. I'm glad you found this useful. I love sharing about HSAs because I think they benefit both people with high medical costs (tax-free medical bills, essentially) and low medical costs (medical emergency fund, secondary retirement fund, etc.).

By: Marianne

Marianne — Wed, 28 Sep 2016 13:17:36 +0000

A follow-up column on this would be great, including links to some recommended HSAs, do you have to open by year-end, etc.

I appreciated this. Hadn’t really thought about it, but it’s perfect for me.

By: Andrew

Andrew — Wed, 29 Jun 2016 06:00:09 +0000

In reply to Beachbudget. No you don't. You can contribute in a lump sum if you wish - the contribution just has to be made by the tax filing deadline (usually April 15 if not late filing).

By: Grrizz

Grrizz — Mon, 11 Apr 2016 21:15:05 +0000

I’d like to point out one other nifty trick you can use to leverage HSA’s. PAY ALL YOU MEDICAL BILLS WITH A CREDIT CARD, this allows you to either earn 1% cash back or point/miles, you then withdraw the exact amount from your HSA and put it into your own bank account. BOOM, you just saved another 1% on your medical expenses on top of paying it all with pre-tax money.