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Some things to consider:

📌Global health care reimbursement: Any medical care that is legal in the U.S. can be paid for or reimbursed with HSA dollars anywhere in the world

📌What makes a “family” for your contribution limit and who can utilize funds in the same account is not black and white: For example, if a high deductible health plan (HDHP) makes sense for your family, funds can still be spent on spouses, partners, and dependents, regardless of who is covered under the HDHP

📌Indemnity coverage is permitted while contributing to an HSA because it’s not true health insurance: Plans such as these help cover hospital admission, certain accidents, or medical treatments by providing a fixed cash payment

📌You can transfer assets at any time: However, if your account is funded via payroll deduction, keep in mind that employer contributions are tax-free income, and those payroll contributions are exempt from FICA taxes

📌You have bonus opportunities if you’re at least age 65: Your HSA can be utilized for Medicare insurance premiums (excluding Medicare supplements), as well as for long term care

📌Be wary of passed assets: If you have substantial savings in your account, consider choosing beneficiaries in lower tax brackets, as only spouses can receive funds tax-free to their own HSA

Maximize your money: If you can find a way to access an HSA, it can be the most beneficial way to save money over the long term; but, as always, pay close attention to those beneficiary designations.