You could use your Health Savings Account (HSA) to pay for current medical expenses. However, if you can, I recommend that you invest the full HSA amount into the stock market and allow it to grow and compound.
The HSA is the only account that has triple-tax benefits: you don't pay taxes on contributions, growth or withdrawals (for qualified medical expenses).
Did you know:
- You can save your receipts for current medical expenses and pay yourself back in the future?
- You don't have to have the money in your HSA currently, as long as the account is open, start saving receipts.
- After the age of 65, you can withdraw money from your HSA for any reason and pay taxes on the gains?
- This is like having an additional 401k account!
- Qualified medical expenses include dental, vision, hearing aids, chiropractic care, eyeglasses and more!
- You can contribute up to $3,600 as an individual or $7,200 as a family
- Plus an additional $1,000 as a catch-up if you're over age 55
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