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.
Is this a company sponsored or private HSA?.....................
Exactly, plus if you start out young you need only contribute very small amounts and sit back and enjoy the miracle of compounding.