How to Invest in an HSA (Health Savings Account)

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A Health Savings Account (HSA) offers better tax advantages than any other type of account. The catch is that the money must be used for Qualified Medical Expenses to avoid taxes (and a possible 10% penalty)
In this video I walk through 3 aspects of HSAs, 6 strategies on how to use an HSA, and how best to invest money in an HSA based on the strategy used.
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While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
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31 июл 2024

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Комментарии : 119

@rob_berger 2 года назад

HSA = Health Savings Account. Don't ask me why I called it a Health Spending Account. Brain fart!

@ljrockstar69 2 года назад

Can HSA be used for cosmetic surgery/ treatments such as Botox or laser resurfacing. I feel this is medical related and the receipt will come from a clinic or hospital .

@SGyru 2 года назад

I just started my HSA last year. Great video and thanks again for everything you do Rob!

@markmorris2517 2 года назад

As always thanks for another good video, Rob! Haven't seen content on how to invest an HSA before and this is great food for thought.

@joevelasquez2757 2 года назад

Wow! Rob love the Q&A short videos.

@kangre63 2 года назад

Thank you so much Rob. This was very helpful.

@GeeksInTown12 2 года назад

hell ya been waiting for this video

@eliefeinstein6182 2 года назад

Might have missed this in the video, but, starting at age 65, you can take penalty-free distributions, although you’ll still have to pay tax. So if it turns out you overfunded your HSA in terms of qualified medical expenses, you can effectively treat the difference as a traditional IRA.

@SKITTLELA 2 года назад

This reason (and not needing to pay FICA taxes) is really what sets it over the top for me. No reason to not contribute to an HSA unless you don't have a HDHCP or don't expect to live past 65.

@canyonoverlook9937 2 года назад

@@SKITTLELA Are you lowering your future social security payment because you aren't getting credit for the income for that year if you put 4000.00 per year in an HSA?

@bkozulla5841 Год назад

@robertsesi Год назад

I was really hoping Rob would cover this, surprised he did.

@davidrogers0717 2 года назад

Good point about keeping receipts if you are not using for current health care expenses. I let the cash balance build to equal my annual out-of-pocket before insurance pays 100%. That's about $11,000. After that I invest the rest and plan to use in retirement and possible LTC.

@castoner 2 года назад

My suggestion for those who want to pull the money at a later time is to scan your receipts. I've had old receipts where the ink has faded and hard to read.

@dylanortiz8407 2 года назад

I take pictures and put them in the cloud

@ag4allgood Год назад

@@dylanortiz8407 Better hope it never rains !

@RaymondPeckIII 3 месяца назад

For those who don't have a dedicated scanner, there are excellent scanner apps for your phone. They will create PDF files, deskew the images for readability, etc.

@W3BKY_73 2 года назад

Rob: I believe HSA can only pay for Parts B,D and Advantage premiums, and not Part A and supplemental plans. Also, for a Medicare strategy, note that the parts A/B premium cost is driven by income over past 2 years. We made the mistake of selling stock/exercising company options to cover a few years’ expenses, while we held social security to maximize those payments. This higher income amount was considered when calculating our premium 2 years later - over $800/month at a time when we had minimal income! Luckily, the local SSA office suggested a form that ‘reevaluates’ income from other years to adjust the premium. I figured it was a waste of time, because it’s the government after all, but it did work and lowered Part A to something more manageable. Long story short, Medicare is terribly complicated (I have an engineering degree) with Advantage, Supplemental, and other options that have to be considered. My husband and I read every book, blog, and the government’s Medicare site as well (after our income blunder) when signing up, and I wish I would have read it earlier. I suggest that you start planning 5 years before, and read all the options and possibilities (a pros/cons/cost chart helps) to optimize income (very important) and match to what you want to do in retirement (coverage when traveling, for example, is not consistent). My Medicare experience definitely swayed me away from government provided insurance for everyone. It’s the most complicated expense that we have.

@fredswartley9778 2 года назад

I'm currently investing in an HSA to lower my tax liability since I am self employed. But I like the idea of investing the money and then using it for retirement expenses.

@derrickstewart5027 Год назад

Excellent information. Thank you!

@derrickstewart5027 Год назад

Currently considering my strategy for investing and one day using this money

@jcman240 2 года назад

Bought all Tesla several years back in my HSA, was a good decision

@johnhenderson7081 2 года назад

Decided to go with the HSA with open enrollment. It started July 1st and will give me at least 2 years before I retire. Will be transferring funds from Health Equity to my Fidelity HSA once my $2k minimum balance is there. My employer will start a family off with $2k in their HSA which is nice for the minium.

@Direct.injection212 11 месяцев назад

Left Lively for Fidelity. So far going great and was ready to transition

@malaybasu961 2 года назад

Excellent video. One thing you omitted is that one can contribute to both employer HSA and external HSA simultaneously. To maximize the HSA growth, one might think of rolling over the employer HSA to ext. HSA every year. But sometimes they charge a fee for that transfer. What I do is to wait till January, calculate how much I contributed to employer-sponsored HSA last year, and then contribute the rest in an external HSA retroactively. The reason for this is that some employers contribute some funds to HSA, which makes a maximizing contribution to HSA tricky. The reason one should contribute always to an employer-HSA is that it bypasses payroll taxes altogether.

@SKITTLELA 2 года назад

Your last sentence means there's no reason you shouldn't max it out through your employer, correct? (Assuming you're employed at the same place through the year).

@rdawson64 2 года назад

@@SKITTLELA that is correct. I thinking the same thing.

@malaybasu961 2 года назад

@@SKITTLELA most employer who contribute variable amount to HSA will not let you maximize HSA, if it comes to payroll deduction. The only way maximize in that case is to contribute the balance directly to an external.avcount. Work HSA has the advantage is that you avoid payroll taxes but it also comes with tons of rrstrictions and higher fees. You need to contribute to work HSA yo get the employer match. That's free money. Then roll it over to an external.account whenever possible.

@reversiontothemean6129 2 года назад

@@malaybasu961 I am not following. Are you saying that most employers who offer bonus towards HSA will not allow people to maximize the rest? I find that difficult to believe actually. My employer offers 1300 bonus per year and I always divide (7300-1300=6000 for family this year as an example) the balance into 25 paychecks ($240). They could care less if I adjust it throughout the year or keep it maxed it out. There are no restrictions with my account (HealthEquity), the mandatory fee is low, and there are plenty of Vanguard funds to invest in. If I am in the minority, that's actually crazy.

@malaybasu961 2 года назад

@@reversiontothemean6129 each hdhp is different. In my case the employee contribution is fixed and the employer contribution varies based on certain health condition. The total contribution falls a bit short from.the maximum amount. So I need to contribute the rest to.a personal account. HSA overcontribution has severe penalities.

@ph5915 2 года назад

I've been invested in my Fidelity HSA for years, the bulk is in the S&P 500 index fund, because that pays dividends (re-invested) quarterly. One must be in a high-deductable medical plan to have an HSA (most of us in the US corporate world have been for a while). You must have income in the year you add to the HSA (not sure yet if it's earned/wages or ordinary income will do) and you can't contribute after age 65/Medicare, I believe I read somewhere?

@OnCashFlow 2 года назад

I'm going to max out the HSA for as long as I have access to it, I see it as on par with a Roth IRA.

@jarrod499 2 года назад

One thing I always point out when HSAs come up is that state tax treatment differs. My home state California doesn’t recognize them so part of having a HSA is manual bookkeeping of cost basis (since no provider does this for you). You also need to specify state adjustments to income to undo the federal deductions and to declare dividends as they occur

@rob_berger 2 года назад

Good point!

@wandaespana2577 2 года назад

NJ, CA, and AL

@scottwillis2812 Год назад

Great video Rob glad I found it. Question: I have about 20,000 in my HSA should I invest the entire amount in a fidelity index fund? TIA

@redswiretowire1499 2 года назад

@Rob Berger What are the mechanics of moving your HSA to fidelity? Is it like setting up a rollover IRA?

@CrippleCreekStudios 2 года назад

Rob, my current approach is to leave the amount I would need if I had to cover my out of pocket costs for my entire family in a TIPS Bond fund (FIPDX). That amount for me is $10,000. I also have $2000 in cash, not required as my employer HSA is already at Fidelity. The balance of my account is invested in Fidelity’s S&P 500 index fund (FXAIX) to grow “as fat as a tick”. I’m rethinking my cash portion and am looking for an opportunity to buy cheap shares, maybe if this big market crash happens ;)

@CrippleCreekStudios 2 года назад

Wow, even Rob Berger is getting spoofed! You’ve made it big time.

@miriamfrey3696 2 года назад

excellent review. Post retirement some HSA plans will allow you to stay but charge $5 permonth. so for long term much better to move. in my case to fidelity. is it also a way for covering Health spending!

@polymath5119 2 года назад

Rob, when you consider paying Medicare premiums from your HSA in the future, are you purposely giving up the premium-increase protection you could have when paying the premiums via deductions from your Social Security benefit payments? Or are you thinking of paying the premiums out of your HSA until you claim Social Security benefits at a later date, e.g., age 70, and then having them deducted?

@mdsloads 2 года назад

Rob, I just moved my hsa to fidelity as I wanted to invest it. However in these times I very concerned about the markets and need a secure investment. Was thinking i bonds. My question is how do I go about funding the i bond from my fidelity.

@ChanduShah-qs9fc Год назад

Nice Video Rob, My employer offers HSA, still can open a personal hsa and contribute over there instead of Employer sponsored? Contribution to my personal hsa will be post tax then how do i contribute pre tax? TIA

@wilma6235 2 года назад

@RobBerger What proof of payment do you use? Download credit card statements?

@johnhenderson7081 2 года назад

I am 61 years old and planning on retiring by 65. My wife and I are in good health at the present time. Wondering if this is a good idea to start an HSA now or would you suggest to just continue with our basic insurance? Over the next 3 years I can contribute over $24k.

@bckrypto9837 Год назад

1 - Once you turn 65 and switch to medicare do you still keep your HSA account open even though you can no longer contribute to it or do you need to move it to another type of account? Just wondering since you mentioned there is no such thing as an inherited HSA. 2 - I am retired (vaccine mandate) but about 3 years away from medicare. I am driving for a grocery shopping app to help make up some of the difference from my previous employer (35 years) income to what I get now through a small pension and social security (starting in Jan). I signed up for an HSA insurance plan for 2023 through the ACA marketplace for the first time ever. I am hoping to put the $4850 I am allowed per year into the HSA from my driving income which is not taxed assuming this will help me at the end of the year with taxes if I pay health expenses out of pocket. Will the HSA benefit me for this situation or do you know a better strategy for my situation using the HSA for the first time? 3 - My wife is at medicare age and currently on it now and not part of the HSA plan. I assume this keeps me limited to my own medical expenses and the $3850 + $1000 max for the year. Do I need track her expenses separately for HSA and tax purposes? This is all pretty new to us because we were covered most of our lives with health insurance through my previous employer so I apologize for some of these questions.

@KA-NV 8 месяцев назад

I just transfer my HSA to Fidelity. What do you think are the ETFs or mutual funds more recommended to invest in?

@mike73ng 10 месяцев назад

I’m not sure why you think an EOB isn’t good enough proof. They work for FSA expenses and in the rare event of an audit, I’d argue they should count with the ITS agent. Do you have a written opinion of the applicability of EOB ‘s?

@shortythefrenchie 2 года назад

Rob might be a dumb question I assume you open a HSA for each spouse? We don't have any through our employers.

@rontina8686 Месяц назад

Rob, If you were not eligible for HSA until after retirement in your late 50s. What do you do? Not much information out there on that. Do you or can you just make one time only transfer from Traditional IRA to start an HSA and that it? Is that really worth it if your just doing it one time? (Hope you or someone with an answer read this)

@lb253 2 года назад

You don't have to wait until you leave your company to move your HSA dollars. If your company allows, and my Company does, you open an HSA brokerage account at Fidelity and do a direct transfer. Then you have unlimited options.

@SKITTLELA 2 года назад

I'm planning on doing this. The only downside is my employer's option charges a flat $5/month regardless. Also not sure if they'll have the minimum cash requirement (if so, it wouldn't be worth it for me.)

@Journey2Destinations 2 года назад

@@SKITTLELA I think Fidelity HSA is pretty much free. No min. balance required afaik.

@SKITTLELA 2 года назад

@@Journey2Destinations Sorry, I should've said I hope my employer's HSA provider doesn't have a minimum balance requirement for transfers (meaning I could move 100% over to a third-party plan.) Yeah, Fidelity HSA looks really appealing.

@Journey2Destinations 2 года назад

@@SKITTLELA I’ve never seen a balance transfer minimum (and I’ve used 3-4 HSA administrators through my employer). Make sure you do a trustee-to-trustee transfer (when they send the check to Fidelity directly) so you don’t have to worry about any tax implications.

@jauntily Год назад

Yes, that's what I have been doing. The default HSA custodian charges investment fees by the month and allows only for balances over $500 to be invested. And the investment options are poor. So every couple of months I request a partial transfer of assets into a 2nd HSA at Fidelity. Rob seems to say that you can't have more than one HSA account. You can have more than one HSA account but you are still under the annual contribution limits. And another point is that at age 65 you can start using the HSA balance for anything, not just medical related items. It's like an IRA at that point.

@sondramoritz182 Год назад

I wonder how is best to save receipts since they fade so quickly. Do you recommend digital storage or photocopies. Would a credit card statement or cancelled check suffice, or should I be sure to keep the physical receipt? Thank you for all your videos!! Super helpful.

@so.many.obstacles Год назад

You need the actual receipt to show what the expense was. Take a picture of the receipt and save it.

@RetrieverTrainingAlone 2 года назад

OK, I have a policy that qualifies for an HSA. What are the steps to create an HSA and deposit cash into a HSA?

@RetrieverTrainingAlone Год назад

Lively does have an annual fee of $24 or a minimum $3000 cash account in order to invest with LIvely's Schwab HSA account portfolio.

@DanABA 5 месяцев назад

Yeah, that change came after this video was published, I believe. Bummer.

@ljrockstar69 2 года назад

Hi, I need this in my portfolio, but I'm not qualified since I receive medical from my employer. So sad, there's too many red tape for us who want to save for future medical expenses upon retirement.

@tlar1272 8 месяцев назад

At 6:22. What is an Erma ? Irma ?

@scott1441 2 года назад

Very informative as usual - two questions - can I instruct my Medicare supplement provider to take premiums from my HSA account rather than deducting from SS - second question re LIVELY , can I transfer funds from my existing HSA account, who requires at least 2,000 in cash before investing - thanks Rob

@rob_berger 2 года назад

As I mentioned in the video, Medicare supplemental insurance (e.g., Medigap) is not a Qualified Medical expense. Other Medicare premiums are. See the IRS resource below the video for more info.

@ag4allgood Год назад

@@rob_berger I retired with an HSA & have Supplemental insurance. Really think the IRS is WRONG in not allowing Supplemental insurance premiums to come out of your HSA. Its your part of your health insurance.

@dmoon9037 2 года назад

Should you predecease your wife, will she be able to use your old medical receipts to draw down the HSA balance tax-free?

@ltmsimply 2 года назад

Hi Rob been investing in our HSA since 2013 currently we gained over 60%. My spouse would like to take some of the gains and pay for her orthodontics and I can’t convince her to pay out of pocket! Should I see this one time only as a brokerage account and making one time trading option ? Thanks for what you do. Blessings LT

@rob_berger 2 года назад

The key concept in any marriage that lasts--compromise!

@WhiskeyCurious 2 года назад

I think HSAs are great. I have one. However I do not find the "save your receipts for later" to be a compelling benefit. I think the future value of that dollar is going to wash with investment gain. I dunno. Someone do the math.

@andrewroos152 2 года назад

If I am retired (pre-65 with a HDHP)and taking money from an IRA for some of my income, can I make contributions to an HSA? I don’t see a requirement that earned income is required to make an HSA contribution. When I google the question, all the results talk about a “rollover from an IRA”, but I wouldn’t think of this as a rollover. It appears that you are limited to one year’s contribution once you start taking money from an IRA.

@SKITTLELA 2 года назад

Great question. I assume you can, but I'm curious as well.

@keithconrad4892 11 месяцев назад

you said long term care insurance does that mean life insurance?

@marym5631 2 года назад

This is my first year with a HSA. My question has to do with the best way to tap into all of the HSA benefits. I work for a gov.t entity which has not only a pension benefit. but also a voluntary additional contribution (VAC) option through each paycheck. My VAC is limited to 10% of my taxable pay. If I have my HSA taken directly out of my payck then it lowers my taxable income which is usually an awesome benefit! But lowering this also lowers my ability to contribute to my VAC. I receive 7.25% interest on my VAC including other benefits. Ive been funding my HSA directly and not through my payck. Rob. You mentioned lower FICA payments in each paycheck as a benefit of the HSA funding directly through a payck. What are the other HSA benefits that I may be missing if I fund my HSA account outside of my payck?

@marym5631 2 года назад

Hi Rob. Thanks for your note. I'm kinda new. How do I txt you?

@marym5631 2 года назад

@Pinnedby Rob Berger is this how. I txt you?

@WLyons9856 2 года назад

How many years later can you pull? If I’m 34 can I save receipts for 31 years and qualify for withdrawals?

@reversiontothemean6129 2 года назад

Yes. No deadline to utilize receipts for qualified expenses. This is why it's considered a triple tax advantage account. Pre-tax going in, potential growth along the way, and potentially tax-free coming out. Get in a habit of scanning receipts too as someone else suggested and stay organized annually. Most receipt ink isn't gonna last 31 years

@RK-kj8di 2 года назад

I rechecked my company's benefits intranet site and I can only specify the amount (up to the max amount), but not how I want the funds invested. At 7:55 you mentioned investing in low cost index funds, or other funds. I do not have the option to specify what type of fund.

@rob_berger 2 года назад

Interesting. I've never seen that before. I've had HSAs at about 4 or 5 different institutions, and there were always low-cost investment options.

@huiyuanli4856 Год назад

You typically don't make the selection in your company's intranet, but on the HSA provider's (healthequity, fidelity, etc.) Website

@autobotdiva9268 2 года назад

Although will get a insurance voucher upon retirement it doesnt cover meds. HSA is now open👍

@floridaflash9573 2 года назад

All in VBR

@rob_berger 2 года назад

Excellent option for an HSA or Roth.

@gabrielross9226 2 года назад

If your employer does not provide an HSA plan is it still possible to get a free tax benefit? What happens if you change employment mid-year from an employer that does offer an hdhp HSA to one that does not?

@Oscar-vd4cv 2 года назад

The great thing about HSA is you own it. My employer offered one I didn't like, so I opened one on my own at Fidelity. The difference is, I have to claim the deductions when I file taxes and pay for it with after tax dollars. If you use the one your employer gives you they deduct the payments and taxes for you automatically.

@mikemush9741 Год назад

@@Oscar-vd4cv This is a hell of a good point.

@KrikitKaos 2 года назад

I am confused. In my world an HSA is an account that contains a fixed amount offered by my employer, and if I don't submit an expense claim for a health related expense, that amount expires and the same new amount is offered the next year. It doesn't accumulate and there is no opportunity for investments. Can I have a private HSA? Edit: Oh. The problem might be that I am Canadian.

@rob_berger 2 года назад

Money in an HSA doesn't expire, in contrast to a Flexible Spending Account, in which it does.

@KrikitKaos 2 года назад

@@rob_berger Ya, I think this is because I'm Canadian. With public healthcare I guess the motivation for this type of registered account is much lower and it doesn't exist here.

@WLyons9856 2 года назад

This is a flexible healthcare spending amount, which differs from an HSA

@wilma6235 2 года назад

@RobBerger have you done a video bin where to move your HSA when you retire?

@BornAgainBride 2 года назад

Hiw does one become eligible for HSA? Income limits? What if we have commercial health insurance??

@rob_berger 2 года назад

You have to have High Deductible Health Plan. Plans should indicated whether they are HSA eligible.

@BornAgainBride 2 года назад

@@rob_berger TY!

@MrRobertMacknaw Год назад

Can you open HSA if your employer doesn't offer it?

@bribradt3450 Месяц назад

Yes

@jbonnett1225 2 года назад

In California they are not totally tax free. California and New Jersey is not following federal guidelines. Contributions are not deductible and income generated in the HSA are taxable. At least that is the current thinking. California is not offering any guidance in 2022.

@thegrimmperspective 2 года назад

My employer just recently provided us the ability to use an HSA and it's strictly a savings account. There is no "investing" with this particular account.

@mikemush9741 Год назад

You can always open a Fidelity account, then transfer the money out of your employer's account to your no-fee Fidelity account, then invest it.

@blackhills84 Год назад

I'd like to jump into this conversation, if that's ok. I recently opened up Fidelity HSA and transferred some amount from HealthEquity HSA. Since HealthEquity is the custodian choice for my employer, I will not be able to close that account. However, transferring cash from HealthEquity to Fidelity has been a very slow process (it's been taking more than 3 weeks) and in the meantime, HealthEquity "freeze" my account! So, I can't use my HealthEquity account until the transfer is complete. Since I'll be moving funds between these two accounts, is there any less-painful way of getting it done?

@alex182618 2 года назад

The second best thing money can buy is ....

@NipItInTheBud100 2 года назад

Why did you turn off comments on your previous video?

@rob_berger 2 года назад

There were too many thoughtless, petty comments about the person who's question I answered.

@NipItInTheBud100 2 года назад

@@rob_berger people sometimes, am I right!! In any case I was just wanting to say great video!

@Micahpickles 2 года назад

Can anyone start an HSA? My employer provides really good health insurance already.

@WhiskeyCurious 2 года назад

You must have a qualifying high deductible insurance plan.

@Micahpickles 2 года назад

@@WhiskeyCurious This is what I thought but didn’t fully understand.

@WhiskeyCurious 2 года назад

@@Micahpickles if your employer offered a high deductible plan, you’d know it. They almost always have HSA in the title.

@1968Dmiller Год назад

Health savings account

@kp-gbuniqueinterest 2 года назад

I want a HSA so bad. I hate FSAs. My company offers one. The past two years i have had close to 500 left over and had to spend it before end of cycle. No roll over. IF you leave any money left over it goes to our company as a donation.

@SKITTLELA 2 года назад

Many employers offer both. If they don't, you can open an account yourself then max it out at the first of the year. Only downside is you won't save on payroll taxes, and employer obviously can't contribute anything to it.

@kp-gbuniqueinterest 2 года назад

@@SKITTLELA i called fidelity and the person told me if you company offers a FSA and your deductible is high you can. But if not than you cant. I really dont care about the company match since they they already do a 8% match with my retirement and pay 100% of everything else. There choice in FSA is the only bad thing.

@SKITTLELA 2 года назад

@@kp-gbuniqueinterest Right, you can contribute to an HSA as long as you have a high-deductible health insurance plan. Remember you can only contribute a max of $3,650 and you can't have both an FSA and and HSA at the same time.

@WLyons9856 2 года назад

If you ever feel like you aren’t going to spend the money, you can go to your local CVS/Walgreens and load up on bandaids, medicines, cold remedies, etc…. All of these qualify as expenses with your FSA.

@Direct.injection212 2 года назад

Inside of the HSA buy ETF AGG. Expense ratio is low.