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The proper use of health savings accounts
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Proponents of HSA investments extol their tax benefits. But what if you get sick and need the money? How much should you have sitting in cash? Two Twin Cities financial planners weigh in.
« [THE MINIMUM REQUIRED CASH BALANCE OF] $1,000 SEEMS A LITTLE LIGHT TO ME. I RECOMMEND TO MY CLIENTS TO GET A SENSE OF HOW MUCH THEY SPEND AND KEEP ENOUGH FOR A YEAR OF EXPENSES SO YOU CAN BURN THROUGH THAT AND YOU DON'T HAVE TO SELL WHEN THE MARKET IS DOWN. LIKE NOW. »
Jim Christian, certified financial planner in Lakeville
« SAY MY DEDUCTIBLE IS $3,000. IN THE FIRST THREE YEARS, I SHOULD JUST PUT $3,000 IN AND LET IT SIT IN THE BASIC ACCOUNT. YOU SHOULD KEEP AT LEAST AN ANTICIPATED THREE YEARS' WORTH OF SPENDING. ANYTHING ABOVE THAT, YOU CAN INVEST. IMAGINE IT'S MONEY FOR YOUR CHILD'S EDUCATION -- THAT'S HOW MUCH YOU'RE SCHEDULING AHEAD. IF YOUR CHILD IS STARTING COLLEGE IN THE FALL, VERY FEW PEOPLE WOULD HAVE NEXT YEAR'S TUITION MONEY INVESTED IN EQUITIES RIGHT NOW. »
Jonathan Guyton, principal at Cornerstone Wealth Advisors in Edina
CHEN MAY YEE
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