I have a HDHP ( $2k deductible) and have an HSA. I have about $4k in my HSA . I haven't invested it, and when poking around today on my account figured out I could. A bit about me:
No current health needs or concerns, no plans for pregnancy , no reoccurring prescriptions.
My husband and kids are on his insurance and he has an FSA that we normally use to pay for the kids co pays and such.
My monthly fees for investing in this HSA is apparently $1.25/month.
Questions:
What happens if I move jobs? Does it come with me somehow? Do I have to cash it out?
What do you all recommend I do? How should I invest and how much?
Is this month good forever? Like in retirement? I'm fairly young so could work for potentially 30 more years. Would this money keep growing and then I could use it when I'm older?
Thanks for your help.
What happens if I move jobs? Does it come with me somehow? Do I have to cash it out? You can keep it or transfer it. It's up to you. Depending on the fees/options of your next job, it may make sense to keep or transfer it. Some employers charge fees to their plan participants if they are terminated to keep the HSA through them, so look for that. Also, once you switch jobs if you don't transfer the balance, you'll need to fill the HSA cash account before investing the rest, so moving it all together might make sense.
What do you all recommend I do? How should I invest and how much? Invest everything you can above the cash minimum. Who is your account through?
Is this money good forever? Like in retirement? I'm fairly young so could work for potentially 30 more years. Would this money keep growing and then I could use it when I'm older?Yes. HSAs are the greatest thing known to man in USA. The money is good for ever. It is pre-tax, grows tax free, and can be withdrawn tax free. If you can keep the HSA going for the next 30 years, then you will have a good amount of tax-free money available to you.
Whether or not an HSA will be available to you for the next 30 years is doubtful, but i'm keeping my fingers crossed. A lot of companies anticipated a democrat taking the whitehouse, and didn't really pursue HSA administration in the past year. Now that we have a GOP controlled legislature and executive branch, HSAs should be here for at least 4 more years if not forever!