Prepare for Future Healthcare with an HSA

As inflation drives up the cost of healthcare, planning for medical expenses in retirement has never been more important. Medicare, on average, only covers about 66% of expected healthcare costs. So how will you pay for the rest?

One of the smartest tools in your retirement toolbox may be a Health Savings Account (HSA). If you’re enrolled in a High Deductible Health Plan (HDHP), you’re eligible to open an HSA—and here’s why it matters.

HSAs are triple tax-advantaged:

• Contributions are tax-deductible.

• Earnings grow tax-free.

• Withdrawals for qualified medical expenses are also tax-free.

  
  

That’s a tax-saving trifecta. And unlike Flexible Spending Accounts (FSAs), HSAs roll over from year to year and stay with you even if you change jobs or retire.

Setting one up is simple: contact your bank, credit union, or HSA provider—many offer online enrollment. Just make sure you’re enrolled in a qualifying HDHP and not participating in Medicare yet.

Think of your HSA as a "Future Funded Ministry" account—set aside now so you can serve, give, and live with less financial stress later. Funds can be used in retirement for everything from Medicare premiums to long-term care, dental, vision, and more.

If you haven’t opened an HSA—or you’re contributing the bare minimum—it may be time to reconsider. Increase your contributions while you can and give future you a well-funded way to steward your health.

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Steve Crawley, PhD

BMA Financial

Executive Director