Comments on: Health Savings Accounts: Contribution Limits, Eligibility Rules, Benefits (updated for 2023)

By: Andrew C.

Andrew C. — Mon, 31 Oct 2022 05:13:33 +0000

In reply to Jason Lynch. Thanks for the tip!

By: Jason Lynch

Jason Lynch — Fri, 28 Oct 2022 12:17:27 +0000

Excellent post Andrew! Well-written and thoroughly-researched. A cool hack (aka Super-HSA) applies when there’s an adult child ( Since distributions from the family HSA for the adult child’s medical expenses are no longer qualified distributions, the child is permitted/required to fund his/her own HSA.
And since the child is on a family HDHP, he/she qualifies for the family max $7,300 ($7,750 in 2023). This hack is known as the Super-HSA!
sources: IRC 223 & IRS Pub 969 Health Savings Accounts and Other Tax-Favored Health Plans.

By: James

James — Sat, 28 Apr 2018 22:17:05 +0000

Forget the health savings account if you are Medicare eligible even if you haven’t started Part B. The tax consequences will be a big surprise. You will need to stick with a flexible spending account since Medicare renders you ineligible to contribute to your HSA.

By: Dividend Driven

Dividend Driven — Sat, 10 Feb 2018 14:20:42 +0000

Very thorough post. Thank you! Last year was my first year maxing out an HSA. I will continue to max it out annually. I invest the money above the required $2,000 that must remain in cash. I like the tax advantages of it and hope in retirement more and more items qualify to use the funds if needed.

By: Andrew

Andrew — Sat, 30 Jul 2016 05:07:29 +0000

In reply to Miss Mazuma. That's great - yep HSAs provide some amazing tax benefits!

By: Miss Mazuma

Miss Mazuma — Sat, 30 Jul 2016 02:52:30 +0000

Great post! I am in <3 with my HSA! I just switched from a low deductable plan to the HSA at the start of this year. Our company gave bonus incentives to choose it ($400) and I just reached the minimum analogy needed before I can invest. Looking forward to throwing it all in index and see what happens. My favorite point of the HSA (besides I don't have to use it or lose it) is I can use it as an ATM so to speak. Whatever qualified medical expenses I have now, if I save the receipts I can pay myself back at any time…even years from now! Just turn in the receipt and they will fork over the cash. Love it!! 🙂