In 2018 it was estimated that a couple in retirement will have $275,000 in out of pocket medical expenses! Did you know that an HSA can be used as an investment option for retirement to help pay for these out of pocket expenses? Once you turn 65, you can use the money in your HSA account to pay for your qualified medical expenses tax free.
How an HSA can help
HSA’s are tax-advantaged accounts used for the purpose of paying for medical expenses. HSA’s can provide retirement savings by offering a triple-tax free solution. Contributions, earnings, and withdrawals when used for qualified medical expenses are tax free. The contributions and investment earnings can be used to cover those post-retirement costs.
The BPAS Roadways Solution
At BPAS our Roadways HSA delivers an open architect platform that offers first dollar investments to employers looking to enhance their retirement offering to their employees. If you have questions email [email protected] or call 1-866-401-5272.
Learn more about the author, Hannie Spitzack, and the BPAS Roadways HSA here.