You can use HSA funds at any time. Contributions can be carried over indefinitely, and you can invest those funds for growth. Since the average retiree has more than $ 400,000 in health care expenses, a non-taxable, affordable fund of money can change your retirement plan.
Many employers offer HSAs, but individuals can also open them privately. Singles can pay up to $ 3,600 a year, and families can double that. People over the age of 55 can pay an additional $ 1,000. Funds withdrawn for unqualified expenses are available, but there will be a penalty of 20% plus tax. Plan accordingly.
In the end, the best bill for you depends on personal circumstances. It is useful for most people to use different types of accounts to take advantage of each. Consider these other options before you put all the eggs in the 401 (k) basket.
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