Do You Lose the Money in Your HSA Benefit Wallet? - Understanding HSA Benefits

Are you curious about the money in your HSA benefit wallet? Many people wonder if they will lose the funds if they don't use them up. The good news is that unlike flexible spending accounts (FSAs), the money in your HSA rolls over from year to year, meaning you don't lose it at the end of the year. This makes HSAs a great way to save for future healthcare expenses.

HSAs are unique accounts that offer tax advantages and flexibility for healthcare expenses. Here's how it works:

• Money in your HSA is yours to keep and use for qualified medical expenses
• Unused funds roll over from year to year
• You can invest HSA funds to help them grow over time
• After age 65, you can withdraw funds for non-medical expenses without penalty

It's important to note that there are limits to how much you can contribute to your HSA each year. For 2021, the contribution limit is $3,600 for individuals and $7,200 for families. By taking advantage of these limits, you can build a substantial healthcare nest egg for the future.

So, the next time you wonder about the money in your HSA benefit wallet, rest assured that it's there for you whenever you need it. With tax advantages and long-term growth potential, an HSA is a smart way to save for healthcare costs.

Your HSA benefit wallet is a valuable resource for managing your health expenses, and one key feature is that your funds do not expire. This is a major advantage over flexible spending accounts (FSAs), which typically require you to spend the money within the year or risk losing it. In contrast, your HSA money carries over from year to year, providing you with peace of mind for future healthcare needs.