YouShouldKnow: If your company offers an HSA plan (US) and it runs out of funds before hitting your deductible, it is beneficial for you to deposit more money into the fund for eligible expenses before paying for them by other means.

by Revenge_of_the_Khaki

Why YSK: Many people like to just use up their employer matched funds or budgeted deposits in their HSA accounts and then switch to a normal credit card when the funds run out, however putting more money into the account and paying all eligible medical expenses through the HSA allows you to claim those deposits on your taxes at the end of the year. HSA is a “pre-tax” fund and if you put funds into the account after you’ve already paid taxes on them (i.e. from a bank account and not direct deposit from a paycheck), the US government will recognize that and refund the taxes paid on those deposits.

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I’m sure someone ITT will also love to tell you about investing with your HSA and the other things you can do with them, but I figured I’d keep it to a 100 level course today.

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