Available to people only if A) their company offers an HSA, which they can do only if B) they offer a high-deductible health care plan option.
I’d like to see them eliminate the carryover penalty. I mean, you can only use it for healthcare, so why can’t you carry over and just add less to the HSA the next year, if you choose?
I’m a financially sophisticated guy, and HSAs are just too much of a hassle. I know there are advantages there somewhere, somehow, but I just can’t bring myself to invest in fully understanding and leveraging.
What is the average Joe going to do?
Nothing.
The government needs the serfs to squirrel away more of their own money, of course, on very strict terms, to be taken later on to pay for another ridiculous government crony-capitalist policy failure known in America as “health care.”
I’ve had an HSA for nearly 6 years. Other than one exception, I have been in relatively good health the entire time. But due to the one procudure I’ve had, I’ve only accumulated a net total of barely $5k in my account.
HSAs are a great concept in my opion. It’s your money, and it comes out of your payroll pre-tax (if you have one through an employer) but they can only used for medical or health expenses... but the great thing is, IT’S YOUR MONEY! You are not paying some insurance company and agents who get to keep it if you don’t get sick. You get to keep it.
But back to what I was originally saying, the pre-tax limits are too small compared to how high medical/healtcare related expenses are these days. It’s a really wonderful idea to consider that if a young person could get an HSA in their twenties, and live in relatively good health for a few decades, they will have built up a substantial account to cover medical problems they may encounter in life beyond what insurances or other coverage may handle.
The trick is to use it with a high deductible health insurance plan (my company offers one with a $2500 deductible each year then 100% for everything over) pair that with an HSA to handle the deductible costs but I rarely go over half my annual contribution so I’ve built up enough to cover the deductible now for several years.
If I ever change jobs then I’ll still have that nest egg I can use for health care or out towards retirement.
.
What happens to ‘retirement savings’ when all of the governments of this world have been crushed?
That is exactly what is going to happen immediately after the day of Trumpets in 2024.
Unfortunately, us Medicare recipients can no longer use HSAs.
Thanks - bttt