How to Not Lose HSA Money - Tips for Maximizing Your Health Savings Account

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. However, there are some common pitfalls that can cause you to lose HSA money if you're not careful. Here are some tips to help you maximize your HSA funds and avoid losing money:

1. Keep track of your account balance regularly to avoid overspending or overdrawing.

2. Understand the HSA contribution limits each year to avoid excess contributions that can incur penalties.

3. Use HSA funds for qualified medical expenses only to avoid tax consequences.

4. Save your receipts for medical expenses in case of an audit to prove the funds were used appropriately.

5. Invest your HSA funds wisely to help them grow over time.

By following these tips, you can make the most of your HSA and ensure you don't lose any of your hard-earned money.

Health Savings Accounts (HSAs) are not just about saving for medical expenses; they're a savvy strategy for future financial health. Make sure you're checking your balance regularly to prevent any surprises and ensure you're making the most of your contributions.