What is your HSA strategy?

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cshell2
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Re: What is your HSA strategy?

Post by cshell2 »

EquitiesOrGuitars wrote: Sun Feb 11, 2024 12:14 pm One question for the 65+ HSA crowd: Some have mentioned using funds for retirement medical costs like Medicare - what does that cost for a couple per year? $10k? $20k? No idea as am not a retiree. If the latter then having a $200k HSA by retirement doesn’t seem that much as it is just 10yr of premiums before it is drained, not even full retirement (so maybe just keep the funds in HSA and don’t even worry about any expenses between now and then?)
Not retired, so just basing it off my parents and my aunt. They all pay about $250/pp/month for Medicare with an Advantage Plan. So about $6000/year for a couple.
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Tyrael314
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Re: What is your HSA strategy?

Post by Tyrael314 »

Great stuff in all the replies... thank you.

For those that are tracking to reimburse at a later date I pose this question. What do you track? I have an external hard drive backed up the cloud that I keep important docs on. Just scan and categorize by year I would imagine. Is the spreadsheet necessary and if so what information is worth tracking on them? Dates, amounts, procedures?
"A society grows great when old men plants trees under whose shade they know they shall never sit."
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InvestorHowie
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Re: What is your HSA strategy?

Post by InvestorHowie »

Tyrael314 wrote: Mon Feb 12, 2024 7:05 pm Great stuff in all the replies... thank you.

For those that are tracking to reimburse at a later date I pose this question. What do you track? I have an external hard drive backed up the cloud that I keep important docs on. Just scan and categorize by year I would imagine. Is the spreadsheet necessary and if so what information is worth tracking on them? Dates, amounts, procedures?
I put everything into a master spreadsheet (date of visit/provider/insurer payment total/OOP expense) that keeps a running total of OOP expenses over time. Then I keep a scan or photo of any hard receipts/invoices, a PDF of the Explanation of Benefits (EOB) statement that my provider attaches to each claim and a PDF of my monthly CC statements. I lead the filenames with the date of visit so they'll be easy to find later. All uploaded to my cloud backup. I imagine this takes me less than 30 minutes each year to assemble and track as I throw my receipts in a folder temporarily and then catch up 2-3 times a year.
Time is your friend; impulse is your enemy. --John C. Bogle
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