Five years ago, you could not have paid me to research the ins and outs of a health savings account .So I get it. The phrase “health savings account” isn’t the most riveting subject for a column. Besides, most reading this either have owned an HSA for years or, at the other end of the spectrum, don’t know the first thing about them — and don’t care to.It’s a significant change that forces me to be more diligent about my spending. Only miniscule room remains in my budget.
On Feb. 28, I made my first transfer of $212.01 to the financial institution managing my HSA investment. Then I did something that has proven to be optimal for my mental health. I turned on the auto-transfer function. On March 4, another $200 settled. Two weeks later, another $200. I’ve already earned $57.10 on my invested portion, which automatically reinvests into my account and has bumped my invested balance to $2,069.11.
Because I don’t incur many medical expenses, I’m good with the possibility of having to someday pay a high deductible. I also am fortunate to be able to pay for most routine expenses out of pocket. That allows me to be aggressive investing all money beyond the account’s required $2,000 minimum balance.
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