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HSAs: Part of your financial plan

Learn more about how your HSA can be part of your broader financial planning to create a savings nest egg and potentially save big on taxes.

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Use your HSA as a tool for retirement savings

If you’re like most people, you may think about your health savings account (HSA) solely as a way to pay for current-year qualified medical expenses, such as trips to the doctor or prescriptions. But did you know that you can also use it as a savings tool?

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Unlike other accounts, an HSA is one of the only savings vehicles that allows you to put money in on a before-tax basis through payroll contribution, grow your savings tax-free (interest and investment earnings are not taxed), and take the money out income tax-free for qualified medical expenses. 

With a 401k, you’ll always pay taxes when you withdraw funds, but if you use HSA funds for qualified medical expenses — it’s generally 100% income tax-free. Plus, after turning 65, you can use your HSA funds for non-qualified expenses. You’ll pay ordinary income tax on those funds, but the 20% tax penalty no longer applies.

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HSAs and Medicare

Learn more about what happens to your HSA once you enroll in Medicare.
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HSA Tax Center

Questions about your taxes? We're here to help. You can get copies of your most recent tax forms by signing in to your account.
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Investing with an HSA

Discover how the investing features work for a health savings account (HSA).
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Investments are not FDIC insured, are not bank issued or guaranteed by Optum Financial or its subsidiaries, including Optum Bank, and are subject to risk including fluctuations in value and the possible loss of the principal amount invested.