A Health Savings Account (HSA) is a great financial tool for any person aiming for financial freedom simply because of the tax benefits it provides…
In 2018 you can contribute $6,900 as a family, or $3,450 as an individual. This is an increase from $$6,750 and $3,400 in 2017.
These contributions provide several tax benefits:
- Deduct from your taxable income, just like an individual retirement account (IRA). Deduct the full amount of your contribution, up to the maximum allowable legal amount, every year.
- Withdraw money for qualified medical expenses tax free.
- The income or value growth of contributions to your HSA grow tax deferred.
- No expiration or forfeit if you have an unused HSA balance at the end of the year (unlike a flexible spending account (FSA))
- Encourages you to stay healthy by rewarding you for having money left over year after year.
OptumBank Investment Threshold?
Optum Bank offers an HSA that includes the opportunity to invest a portion of your Health Savings Account (HSA) in mutual funds, index funds and ETFs.
However, you must have a certain minimum amount of money (aka “minimum investment threshold”) held in your account in cash.
Once your HSA balance is above the minimum investment threshold, you can invest the remainder of the money in stocks.
But what is the HSA investment threshold?
What is the HSA Investment Threshold for Optum Bank?
The investment threshold for Optum Bank is $2,000.
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