3 Big Health Savings Account (HSA) Mistakes You Don't Want to Make

Core Insights - Healthcare expenses are inevitable for individuals of all ages, making contributions to a health savings account (HSA) a sensible choice for those enrolled in compatible high-deductible health insurance plans [1] Summary by Sections - HSA Benefits - HSAs offer triple tax advantages: contributions are made pre-tax, investment gains are tax-free, and withdrawals for qualifying healthcare expenses are also tax-free [2] - Common HSA Mistakes - Immediate Withdrawals - Withdrawing funds from an HSA immediately can hinder investment opportunities, resulting in missed tax-free gains. It is advisable to avoid tapping into the HSA unless necessary, especially considering potential higher healthcare costs in retirement [3][4][5] - Funding After Medicare Enrollment - Individuals should refrain from continuing to fund their HSA after enrolling in Medicare at age 65, as this could lead to complications [7]