![]() A monthly contribution of $200, minus a $100 for expenses equals a net savings of $100 per month and assumes a potential savings of $40,746 for 20 years. A monthly contribution of $150, minus a $100 for expenses equals a net savings of $50 per month and assumes a potential savings of $20,373 for 20 years. These scenarios assume a 5% rate of return over 20 years and a monthly expense of $100. Potential impact on HSA balance over 20 years with additional monthly contributions of $50, $100 or $250. This feature of your HSA allows you the opportunity to invest in a range of mutual funds to help grow your account over time and save for health care expenses down the road.Ĭheck out the hypothetical scenario below. Another way to maximize your HSA is to take advantage of the investment option. Here are some additional considerations to help you create a saving strategy for the future. Whether you’re just entering the workforce or planning for retirement, an HSA can play an important role in your long-term financial health. Try our HSA calculator to estimate the impact of contributing to your account over time. Calculate what may work best for your situation.If you think you could have health care expenses beyond your deductible, try to bump up your contribution to include that amount if you can. You'll be responsible for meeting your out-of pocket deductible expenses, so consider contributing at least the amount of your deductible. Save at least the amount of your deductible.Consider opting for the HDHP plan so that you can set aside the $250 difference each month in your HSA – and in a year’s time, you’ll have contributed $3,000. For example, let’s say the monthly premium for the traditional plan is $450 and $200 for the HDHP. If your employer offers both a traditional health plan and a high-deductible health plan (HDHP), one approach might be to save the difference in premiums. Consider saving the difference between premiums.Your HSA can be used now, next year or even when you're retired. ![]() Keep in mind: you don’t lose any unspent funds at the end of the year. The more you can contribute, the more you can benefit from the HSA’s potential triple tax advantages 1. If you’re able, consider contributing the maximum allowed by the IRS.
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