Finally Investing in Our HSA
Fairly recently we finally started investing funds from our HSA. We’ve had an HSA for a while, but we were mostly using it for medical expenses so that wasn’t really an option. Last year we ended up having so many medical expenses that we made the deductible. Was a bit of a busy time. Since we started making out the HSA last year and there are no surgeries on the horizon that we are aware of, it finally became an option.
It’s not a huge amount right now (just got to $1000), but it’s a start. Plus we wanted to leave a fair amount of funds in the HSA just in case as well. Hopefully, we can grow it more this year. Maybe to $5000, even? Who knows?
How about you? Do you have an HSA? Why or why not?
Feature Photo by Catia Climovich on Unsplash
I finally got the chance to set up an HSA a few years ago and of course it was in a year we ended up needing to use our health insurance more often than normal, nothing terrible but minor things that needed to be checked out, and I balked at all we had to spend out of pocket first. We’re used to having coverage for everything and a minimal copay, and not having to think at all about more than a copay. After one year of it, I rolled it over and went back to the HMO. Felt like a failure but I had to be honest that I’d neglect my health to save money on the HSA.
I totally get that. If our medical costs started increasing, it would make more sense to switch to a PPO plan over what we have now. We got lucky in that we’ve been okay medically (in the grand scheme of things) so, worse case, we have access to the HSA funds. At least for now.