I would guess that less than 1% of people would have trouble spending down their HSA. You have to emphasize the collecting receipts strategy, but also that you can use it to reimburse for Medicare Part B and D premiums which everybody pays, and for Long Term Care Insurance if you have it. And obviously for actual medical expenses as they are happening which include multiple things insurance won’t pay for, like dental, vision, hearing aids and many over the counter products.
Right now, you may be right regarding the small number of people able to spend down their HSA. This makes sense. HSA's have only been around since 2004. As investors are able to contribute to these accounts for a longer period and they utilize growth strategies in these accounts, this becomes a growing issue.
Thanks Eric for the video, which I learnt the double HSA catch-up contributions. My wife and I are over 55, and our family medical plan is HDHP via my employer eligible for the HSA contributions. In 2021, I contributed $8, 200 ($7,200 family contribution limit + $1,000). Now I know that my wife can open her HSA account and contribute her own $1,000 catch up contribution. I wish I knew this a few years ago when we switched to the HDHP in order to contribute to the HSA account. I have one question. I currently rollover the memory of my employer HSA at Optum to my HSA account at Fidelity on a regular basis so I use Fidelity investment options. Can I rollover the money to my wife HSA account instead in the future?
I have an HSA which was rolled over from my deceased spouse. If I should re-marry will my new spouse be able to utilize the HSA for her medical expenses
I have an HSA rolled over from my deceased spouse. If I re-marry, would my new spouse be allowed to also use the HSA for her medical expenses? When one of us dies, could the surviving spouse roll the HSA over for her use?
