[Kay]

For example, will you let the funds grow to self fund end of life care? Will you use them to pay for health insurance and deductibles/co-pays before you qualify for Medicare? Something else?

I’m dreaming of the day I leave my W2 and employer sponsored health insurance behind. I’ll want to live off cash and non-retirment accounts and let my IRA’s grow for five -10 years. I could make the cash/brokerage funds stretch longer if I use HSA to fund health insurance premiums, deductibles, and co-pays … but it’s enticing to let the HSA grow to fund medical expenses towards end of life when those expenses increase.

I imagine others have spent time considering this and I’d love to hear your thoughts!

Thanks in advance.

[Kristin]

We are leaving ours alone. I probably sound like a nut, but I actually photocopy all receipts (since thermal receipts fade after about a year), and gather up all the EOB’s and bills, canceled checks and whatever documentation I would need in order to submit a claim. I also fill out the claim form, but leave the date blank. I keep all this information clipped together in a fireproof safe. I have a file for myself and one for my husband, since I *think* if one of us passes, the other will have to submit our claims within a year (someone can correct me if I’m wrong!).

It may be kind of silly to go to all this trouble, but I know that if anything ever happens to us, our kids could just sign and date the forms and pop everything the pre-addressed envelope and send it without having to dig for any info, or fill out any forms. I know they’ll be on a timeline to be able to submit claims. We could do the same with each other’s claims.

Unless one of us needs LTC, there is a good chance we will have some difficulty spending it down, so we are being pretty religious about keeping track of every aspirin, etc. We don’t want to see it go to waste!

[Ernest]

I’m planning to use them during the years between retiring and Medicare, 8 to 10 years or so.

[Rick]

Unwinding an HSA at or near death can be a total pita. Mainly for your heir but still…why saddle them with that. Use it up with existing healthcare receipts paid with other funds, Medicaid premiums (assuming out congress geniuses don’t take this away), and retirement healthcare expenses.

Try hard not to leave these funds at death, so yeah don’t die suddenly.

Don’t miss: I am looking for advice from someone who has submitted for reimbursement from their Fidelity HSA

[Erica]

One of the biggest unknowns with aging is health care costs. I don’t have a specific plan, just that these funds will help cover the inevitable costs of the privilege of growing old.

[Erica]

Tax free retirement using saved medical receipts.

[Author]

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