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Posted on 10/17/22 at 6:49 pm to Im4datigers
Yep, you sure can.
I bought some shares of oil companies (OXY, MTDR, XOM, etc) in 2020 and 2021 when they were really cheap in my HSA account. They’ve now more than doubled or tripled, plus dividends, and it’s all tax free growth.
The CARES Act also MASSIVELY increased the list of HSA reimbursable expenses - tons of over the counter medications, Covid tests, masks, even tampons suddenly became HSA eligible expenses when they previously were not. Save ALL those receipts!
LINK
I bought some shares of oil companies (OXY, MTDR, XOM, etc) in 2020 and 2021 when they were really cheap in my HSA account. They’ve now more than doubled or tripled, plus dividends, and it’s all tax free growth.
The CARES Act also MASSIVELY increased the list of HSA reimbursable expenses - tons of over the counter medications, Covid tests, masks, even tampons suddenly became HSA eligible expenses when they previously were not. Save ALL those receipts!
LINK
This post was edited on 10/17/22 at 6:50 pm
Posted on 10/17/22 at 7:12 pm to Lightning
So another question - the HSA is portable etc etc, but what if I go to a PPO plan again or go to another job that has a better insurance plan that isn’t a high deductible plan - I’m assuming I can keep the existing HSA account but I would no longer be able to contribute to it correct?
This post was edited on 10/17/22 at 8:47 pm
Posted on 10/17/22 at 7:53 pm to Im4datigers
That is correct.
Posted on 10/19/22 at 8:17 am to Im4datigers
I (Single, 30, healthy) keep my annual max out of pocket in cash ($5K) and then have it set to auto-invest anything above that amount (currently it goes equally into QQQ, VGT, and SPY). So if I have to use it, it will replenish until it hits that $5K and then start investing again. I don't touch it and pay out-of-pocket for the most part for any medical expenses, which are minimal.
This post was edited on 10/19/22 at 8:18 am
Posted on 10/19/22 at 1:44 pm to BigOrangeVols
Excellent plan.
Posted on 10/22/22 at 12:10 pm to Im4datigers
How do you guys manage to track your receipts?
I used to have the time of day, but I've added some kids to the household and I'm completely unorganized. I have a healthy balance in my HSA and we've been using it for medical expenses instead of trying to save it for the long haul. I am trying to save the spending cash up for some larger expenses that are coming, which is also a factor in why I'm proceeding to use the HSA today instead of hold for tomorrow.
Also, based on the reimbursement process that's been described, what's to stop one from reimbursing themselves for the same receipt over and over outside of an IRS audit? If there is no paper record of the expense required for the reimbursement, it seems like a system that is pretty open to being used improperly.
You technically could use your HSA on a medical expense today, and then save the same receipt for later and reimburse yourself 20 years down the road with a low risk of being caught.
I used to have the time of day, but I've added some kids to the household and I'm completely unorganized. I have a healthy balance in my HSA and we've been using it for medical expenses instead of trying to save it for the long haul. I am trying to save the spending cash up for some larger expenses that are coming, which is also a factor in why I'm proceeding to use the HSA today instead of hold for tomorrow.
Also, based on the reimbursement process that's been described, what's to stop one from reimbursing themselves for the same receipt over and over outside of an IRS audit? If there is no paper record of the expense required for the reimbursement, it seems like a system that is pretty open to being used improperly.
You technically could use your HSA on a medical expense today, and then save the same receipt for later and reimburse yourself 20 years down the road with a low risk of being caught.
This post was edited on 10/22/22 at 12:12 pm
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