The HSA has a triple tax advantage: contributions are pre-tax, growth is tax-free, and withdrawals for qualified medical expenses are tax-free. After age 65, funds can be withdrawn for any purpose (taxed as ordinary income, like a Traditional IRA).
For healthy households enrolled in an HDHP, maxing the HSA and paying medical costs out-of-pocket lets the HSA compound as a stealth retirement account.
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Open Financial OS →Frequently asked questions
Can I use an HSA if I don't have an HDHP?
You must be enrolled in a qualifying HDHP to contribute. Existing balances remain usable for qualified medical expenses regardless of current plan.