How can investing impact your HSA?
Savings accounts are a great way to pay for a medical expense or save on income tax, but a health savings account with investment options is an even greater long term way to save and plan for retirement!
Investing with HSAs is simple and efficient, but it’s important to consider the IRS contribution limits, an individual can contribute up to $3,650 and a family can contribute $7,300 for 2022 (those limits will increase to $3,850 and $7,750 in 2023). To avoid over contributing, you want to monitor how much you have put into your HSA and keep track of what amount you have invested and what amount you have spent on qualified medical expenses.
Unlike other investing accounts, you cannot continue to add as much as you would like to your HSA Investment Account. If you have money in your investment account and need money in your cash account to pay for health care expenses, you can transfer the funds to your HSA Cash Account.
Note: Consider seeking legal or tax advice from a professional or certified investment bank if you are unsure on any regulations