For more detail on HSA’s see our May 2018 Bog Post here.
This post is meant to get quickly to the heart of Why are they so good and What next?
HSA’s give you a tax break when you contribute, grow tax free and are used for medical expenses tax free for you and your loved ones on your tax return for a lifetime.
Think of it as tax-advantaged “before, during and after”. All other tax-advantaged tools are TAXED at one of those three stages. The HSA is so powerful! It is also self-administered and read about that the blog referenced above.
You can only receive the benefit if you can contribute - that means you must have a “High Deductible Health Plan” or HDHP. And you can only contribute to age 65. So the moment you realize you are able to contribute - then max it out and keep going to age 65 or until you no longer qualify if your plan changes.
If you can contribute, then it’s hard to imagine a time when the HSA contribution would not be recommended by your financial planner as your #1 priority.
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