It’s hard enough to motivate yourself to save for retirement, but saving for your future medical costs? How responsible does a person have to be?
Thankfully, health savings accounts, or HSAs, are tools that make saving for future health-related expenses less painful. These accounts allow you to save money, but they also allow you to invest. With open enrollment coming up, an HSA might be something to consider.
“One cool trick is to invest the money in an HSA just like you invest in your IRA,” Victor Medina, a certified financial planner and founder of Palante Wealth Advisors in Pennington, New Jersey, said in an email interview.