What to Do with Money in an Unused HSA Account?

If you have money sitting in an unused Health Savings Account (HSA), there are several options you can consider. An HSA is a valuable tool for saving and paying for medical expenses, but it's important to know what to do with the funds if you're not using them for healthcare costs.

Here are some strategies for handling money in an unused HSA account:

• Leave it in the account for future healthcare expenses
• Invest the funds for potential growth
• Use the HSA for retirement savings
• Withdraw the funds and pay taxes and penalties

Each option has its pros and cons, so it's essential to understand the implications before making a decision.

Having money in an unused Health Savings Account (HSA) can be a missed opportunity if you're not actively utilizing those funds. There are several strategic options available to you.

First and foremost, consider letting the money sit in the account, as HSAs are designed for future healthcare expenses, allowing you to grow your funds tax-free.