I've been looking into HSAs because my fiance now has a high-deductible health insurance plan.
He could put up to $2,900 into a HSA to use for health expenses, now or in retirement. This would be tax free now (but still self-employment taxes) and tax free at withdrawl! Sounds like a great deal, but I can't find a single one I like.
Instead, I've just seen red flags.
Red Flag #1: Every HSA I can find that allows you to invest only allows you to invest the amount over $3,000. Since this account would only be a one-time investment of $2,900, this would just be a really low-yield savings account, even if it did grow a lot.
Red Flag #2: Neither Fidelity nor Vanguard have HSAs. A search for them reveals news stories from a few years ago that both would. But here we are in 2008 and neither does. Since I simplified my finances, I rely on those two companies.
Red Flag #3: Nobody seems to know what will happen in the future. Nobody knows if you have to take payouts when you hit a certain age, if you can put it in an IRA, nobody knows.
An HSA just doesn't seem like a good fit for us.
1 comments:
I also looked into an HSA in conjunction with a high deductible health insurance plan. It would have made sense for me 10 years ago when I was 20. Now that I'm getting older, and using the doctor more with a family, I think I may actually be worse off with one.
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