# Using a HSA? **URL:** \ **Category:** Finance/Investments\ **Created:** [January 5, 2022, 5:26pm UTC](https://community.goactuary.com/t/using-a-hsa/4897 "2022-01-05T17:26:14Z")\ **Posts on this page:** 20\ **Page:** 6
**Author:** ![twig93](https://community.goactuary.com/user_avatar/community.goactuary.com/twig93/32/527_2.png) [@twig93](https://community.goactuary.com/u/twig93)\ **Post date:** [September 28, 2022, 1:28am UTC](https://community.goactuary.com/t/using-a-hsa/4897/102 "2022-09-28T01:28:28Z")
It’s probably easier to submit the claims while you still have an online account through your employer. They might start charging a hefty monthly fee if you’re no longer with the employer that you had the account through. I got dinged on that once. Technically you can sit on it forever, but that doesn’t seem like the greatest idea to me. Expect it to take a while for them to process everything. If your claims exceed your account balance, sort them by size and submit the largest ones that sum up to your account balance. (Approximately, anyway. Don’t bother with the $4 generic prescriptions unless you need them to get up to your account balance. It’s less work for you AND them if you submit fewer claims. Of course if you need them all, then you need them all.) ---
**Author:** ![Mountainhawk](https://community.goactuary.com/user_avatar/community.goactuary.com/mountainhawk/32/82290_2.png) [@Mountainhawk](https://community.goactuary.com/u/Mountainhawk)\ **Post date:** [September 28, 2022, 1:31am UTC](https://community.goactuary.com/t/using-a-hsa/4897/103 "2022-09-28T01:31:12Z")
My outstanding claims is within $500 of my account balance right now, but I’ll submit them in batches over the next few months, starting with the largest. ---
**Author:** ![twig93](https://community.goactuary.com/user_avatar/community.goactuary.com/twig93/32/527_2.png) [@twig93](https://community.goactuary.com/u/twig93)\ **Post date:** [September 28, 2022, 1:39am UTC](https://community.goactuary.com/t/using-a-hsa/4897/104 "2022-09-28T01:39:38Z")
> [@dr\_t\_non-fan](#): > > Why? That money is yours forever. Not as if it is an HRA which has to used or losed by the end of the year. > And, why were you NOT using your HSA for those medical/dental/other reimbursements? I have separate debit card connected to my HSA, and I use it for medical expenses on-the-spot. Advantage of holding onto the money in an HSA and waiting to submit receipts for reimbursement: tax free investment earnings Disadvantages of holding onto the money in an HSA and waiting to submit receipts for reimbursement: hassle of holding onto the receipts in an organized fashion, risk of losing receipts / receipts destroyed in a casualty loss, possible high fees starting when you leave your employer, possible problem with getting reimbursed for decades-old expenses (like they require additional documentation that is no longer available). To me the disadvantages outweigh the advantage. But if you don’t mind the hassle and you assume that you will actually be able to get reimbursed then the math does come down on the side of holding onto receipts for reimbursement in (possibly an early) retirement. ---
**Author:** ![dr\_t\_non-fan](https://community.goactuary.com/letter_avatar_proxy/v4/letter/d/a8b319/32.png) [@dr\_t\_non-fan](https://community.goactuary.com/u/dr_t_non-fan)\ **Post date:** [September 28, 2022, 1:42am UTC](https://community.goactuary.com/t/using-a-hsa/4897/105 "2022-09-28T01:42:28Z")
I’m now wondering if my HSA will start getting fees applied, my Debit card having fees applied, etc, when I retire. I guess I won’t retire. ---
**Author:** ![NumericalNeuroticism](https://community.goactuary.com/user_avatar/community.goactuary.com/numericalneuroticism/32/464_2.png) [@NumericalNeuroticism](https://community.goactuary.com/u/NumericalNeuroticism)\ **Post date:** [September 28, 2022, 2:18am UTC](https://community.goactuary.com/t/using-a-hsa/4897/106 "2022-09-28T02:18:20Z")
There are no-fee HSA administrators that anyone can transfer HSA funds to after terminating employment. ---
**Author:** ![1695814](https://community.goactuary.com/user_avatar/community.goactuary.com/1695814/32/38506_2.png) [@1695814](https://community.goactuary.com/u/1695814)\ **Post date:** [September 28, 2022, 3:05am UTC](https://community.goactuary.com/t/using-a-hsa/4897/107 "2022-09-28T03:05:53Z")
> [@dr\_t\_non-fan](#): > > why were you NOT using your HSA for those medical/dental/other reimbursements What my BIL is doing is letting his HSA grow with the market… kind of like a secondary retirement account. Then, when he wants to make withdrawals, he’ll claim his reimbursements. ---
**Author:** ![1695814](https://community.goactuary.com/user_avatar/community.goactuary.com/1695814/32/38506_2.png) [@1695814](https://community.goactuary.com/u/1695814)\ **Post date:** [September 28, 2022, 3:06am UTC](https://community.goactuary.com/t/using-a-hsa/4897/108 "2022-09-28T03:06:57Z")
twig93 explained it better ---
**Author:** ![Ajstudies](https://community.goactuary.com/user_avatar/community.goactuary.com/ajstudies/32/12532_2.png) [@Ajstudies](https://community.goactuary.com/u/Ajstudies)\ **Post date:** [September 28, 2022, 6:54pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/109 "2022-09-28T18:54:27Z")
We don’t submit receipts for HSA reimbursement. It’s up to us to keep those receipts should be be audited. For FSA’s receipts must be submitted. ---
**Author:** ![John.S.Mill](https://community.goactuary.com/user_avatar/community.goactuary.com/john.s.mill/32/9771_2.png) [@John.S.Mill](https://community.goactuary.com/u/John.S.Mill)\ **Post date:** [September 28, 2022, 7:03pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/110 "2022-09-28T19:03:05Z")
I use my HSA for all my medical stuff through my HSA credit card. isn’t that what it’s for? How would HSA work as a savings account? Aren’t you only allowed to use HSA for medical stuff? ---
**Author:** ![Mountainhawk](https://community.goactuary.com/user_avatar/community.goactuary.com/mountainhawk/32/82290_2.png) [@Mountainhawk](https://community.goactuary.com/u/Mountainhawk)\ **Post date:** [September 28, 2022, 7:10pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/111 "2022-09-28T19:10:30Z")
I was planning to use it for retirement medical expenses, but since I’m moving to a country that doesn’t make people pay for healthcare\*, I figured I’d just reimburse all the past expenses and cash it out. Just waiting for them to approve the link to my bank account so I don’t have to deposit a couple of hundred checks. ---
**Author:** ![Ajstudies](https://community.goactuary.com/user_avatar/community.goactuary.com/ajstudies/32/12532_2.png) [@Ajstudies](https://community.goactuary.com/u/Ajstudies)\ **Post date:** [September 28, 2022, 7:23pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/112 "2022-09-28T19:23:56Z")
> [@John.S.Mill](#): > > How would HSA work as a savings account? Aren’t you only allowed to use HSA for medical stuff? Yes but many assume they will have higher medical expenses in their retirement years. I saved up in my HSA to pay for my kids braces. ---
**Author:** ![IPD](https://community.goactuary.com/user_avatar/community.goactuary.com/ipd/32/179_2.png) [@IPD](https://community.goactuary.com/u/IPD)\ **Post date:** [September 28, 2022, 7:45pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/113 "2022-09-28T19:45:08Z")
1. Put money into HSA each year. 2. Invest the money as soon as it hits your account. 3. Pay medical bills with credit card over the years (earn miles while you’re at it). 4. The HSA is essentially an ATM with the amount you’ve spent in medical bills as the balance, but the amount grows with the market and is never taxed. 5. Retire and use your “ATM” whenever you want, just save your medical receipts. 6. Use the rest of the money in the account for actual medical bills. Over a 20 year period of maxing out a single account, assuming a 7.5% annual return, you’d have around $100k in tax free earnings in your HSA. If you are going to put $$ into a taxable brokerage account anyway, might as well max out an HSA before you do that. Pay your credit card medical bill with the money you’d put into the brokerage. ---
**Author:** ![twig93](https://community.goactuary.com/user_avatar/community.goactuary.com/twig93/32/527_2.png) [@twig93](https://community.goactuary.com/u/twig93)\ **Post date:** [September 28, 2022, 8:37pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/114 "2022-09-28T20:37:28Z")
I don’t submit receipts if I use the HSA card to pay. But if I want HSA money 10 years after the fact I think I’d have to. ---
**Author:** ![twig93](https://community.goactuary.com/user_avatar/community.goactuary.com/twig93/32/527_2.png) [@twig93](https://community.goactuary.com/u/twig93)\ **Post date:** [September 28, 2022, 8:44pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/115 "2022-09-28T20:44:21Z")
> [@John.S.Mill](#): > > Aren’t you only allowed to use HSA for medical stuff? Yes but there’s no time limit on how long you have to reimburse yourself. So say you have surgery today and your cost-sharing on the surgery is $4,000. You also happen to have $4,000 in your HSA. You also want to retire someday. Option 1: Use the HSA to pay for your surgery now. Save for retirement separately. Option 2: Pay for the $4,000 out of pocket now. Leave the $4,000 in the HSA. Hold onto your receipt. When you retire and need money the $4,000 has grown to $5,000. Withdraw $4,000 tax-free and penalty-free as reimbursement for the surgery you had umpteen years ago. You have $1,000 leftover that you can use to pay for retirement medical expenses. If you’ve already maxed out your IRA & 401k contributions then this helps get you some tax-free investment growth. ---
**Author:** ![John.S.Mill](https://community.goactuary.com/user_avatar/community.goactuary.com/john.s.mill/32/9771_2.png) [@John.S.Mill](https://community.goactuary.com/u/John.S.Mill)\ **Post date:** [September 28, 2022, 9:06pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/116 "2022-09-28T21:06:21Z")
good god people are saving their receipts for 30 years? ---
**Author:** ![twig93](https://community.goactuary.com/user_avatar/community.goactuary.com/twig93/32/527_2.png) [@twig93](https://community.goactuary.com/u/twig93)\ **Post date:** [September 28, 2022, 9:07pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/117 "2022-09-28T21:07:45Z")
See my “advantage and disadvantages” post. But yes. ---
**Author:** ![John.S.Mill](https://community.goactuary.com/user_avatar/community.goactuary.com/john.s.mill/32/9771_2.png) [@John.S.Mill](https://community.goactuary.com/u/John.S.Mill)\ **Post date:** [September 28, 2022, 9:08pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/118 "2022-09-28T21:08:30Z")
they also run the risk of the laws changing and rendering their receipt useless ---
**Author:** ![dr\_t\_non-fan](https://community.goactuary.com/letter_avatar_proxy/v4/letter/d/a8b319/32.png) [@dr\_t\_non-fan](https://community.goactuary.com/u/dr_t_non-fan)\ **Post date:** [September 28, 2022, 10:06pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/119 "2022-09-28T22:06:36Z")
> [@Mountainhawk](#): > > but since I’m moving to a country that doesn’t make people pay for healthcare\*,… Well, “people” = Canadian citizens, right? Are you (or going to be) a Canadian citizen? (I can’t recall if you are dual or married to a dual or what.) ---
**Author:** ![IPD](https://community.goactuary.com/user_avatar/community.goactuary.com/ipd/32/179_2.png) [@IPD](https://community.goactuary.com/u/IPD)\ **Post date:** [September 28, 2022, 10:13pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/120 "2022-09-28T22:13:12Z")
> [@John.S.Mill](#): > > good god people are saving their receipts for 30 years? Digital portal. no paper receipts, just need to remember a login and password ---
**Author:** ![Mountainhawk](https://community.goactuary.com/user_avatar/community.goactuary.com/mountainhawk/32/82290_2.png) [@Mountainhawk](https://community.goactuary.com/u/Mountainhawk)\ **Post date:** [September 28, 2022, 10:26pm UTC](https://community.goactuary.com/t/using-a-hsa/4897/121 "2022-09-28T22:26:16Z")
No, medicare is available to permanent residents after 3-6 months, depending on the province, plus citizens. Looks to be 5 months (153 days, technically) in Ontario, with a small private insurance premium to pay to cover that period. [Previous page](https://community.goactuary.com/t/using-a-hsa/4897.md?page=5) [Next page](https://community.goactuary.com/t/using-a-hsa/4897.md?page=7)