Health care savings accounts
I am 64 yrs old and plan on working until age 70. My company started offering an HSA this year. I insure my self and 70yr old spouse. My company will put in 1500.00 a yr to help with the 6,000 deductible. This yr I will put in 4,500. We are both healthy and can manage the 6000 deductible if we need to. Is it a good plan for me with 6 yrs left to build a medical money nest egg? Will I be able to use this money in my retirement? And will the money be available for my spouses medical expenses too? Thank you,
Terry Says
Using an HSA is a great idea. Try to build up tax-free money for as long as you can. Most of these plans pay for basic physical exams etc, so you can stay healthy. And then when you do need to pay for an expense while working, it incentivizes you to choose the most cost-effective treatment to minimize the use of your deductible. The balance of your contribution keeps growing. And yes, you can use that money for medical expense for both yourself and your spouse in retirement.
