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Why would you think it might? The link you provide shows the five types of contributions that are allowed and HSAs don't appear on that list.
• contributions you make to a traditional or Roth IRA, • elective salary deferral contributions to a 401(k), 403(b), governmental 457(b), SARSEP, or SIMPLE plan, • voluntary after-tax employee contributions made to a qualified retirement plan (including the federal Thrift Savings Plan) or 403(b) plan, • contributions to a 501(c)(18)(D) plan, or • contributions made to an ABLE account for which you are the designated beneficiary (beginning in 2018).
-Contributions are tax deductible much like a IRA, -Has yearly contribution limits much like an IRA, -Non-HSA withdrawals are treated like tax deferred withdrawal after age 65 much like a TIRA -Oftened mentioned together with other retirement accounts:
Health Savings Accounts (HSAs) are very interesting from a tax perspective. Compared to well-known retirement account types (for example – 401k, IRA, Roth IRA, etc.)
But they’re not intended to be retirement accounts. They only work that way for people who have enough income to cover their medical expenses in a HDHP out-of-pocket. It’s another way the tax code favors upper-income taxpayers.
My Insurance plan is a government subsidized (due to my low income) HDHP ($6500 deduction) plan and is an HSA qualified Plan. Not all HSA owners are upper income.
My question is pertinent to low income, young, healthy individuals who have an HSA as an option. The Saver's Credit is directed at the low income.
Form 8880 is used to claim Saver's Credit. On this form or instructions, I don't see any mention of HSA, but only T-IRA, R-IRA, ABLE, 401k/403b/TSP. https://www.irs.gov/pub/irs-pdf/f8880.pdf
I have also searched the web and articles on HSA don't mention Saver's Credit, and articles on Saver's Credit don't mention HSA.
My guess is that one cannot claim Saver's Credit for HSA.
A login is required to ask questions. They are very responsive and helpful.
Received this from their forum today:
No. HSAs are not defined as retirement savings. HSAs are established under section 223 of the tax code which is not one of the sections included in the section 25B definition of a qualified retirement savings contribution. HSAs and IRAs are never treated as one. An HSA is not an IRA despite some of the rules for HSAs referencing IRA rules.
My Insurance plan is a government subsidized (due to my low income) HDHP ($6500 deduction) plan and is an HSA qualified Plan. Not all HSA owners are upper income.
My question is pertinent to low income, young, healthy individuals who have an HSA as an option. The Saver's Credit is directed at the low income.
But the ability to invest an HSA for the long-term as an investment vehicle for retirement only works if either: (1) you have little need for healthcare throughout your adult life or (2) you have enough disposable income to pay for your healthcare expenses out-of-pocket and don’t need to tap your HSA.
HSA’s were sold as a means to lower the cost of health insurance through HDHP’s but give a tax break for medical expenses for people who couldn’t afford higher premiums. Of course, like everything else in our assbackwards US healthcare system, it turned into a case of the tail wagging the dog.
Comments
• contributions you make to a traditional or Roth IRA,
• elective salary deferral contributions to a 401(k), 403(b), governmental 457(b), SARSEP, or SIMPLE plan,
• voluntary after-tax employee contributions made to a qualified retirement plan (including the federal Thrift Savings Plan) or 403(b) plan,
• contributions to a 501(c)(18)(D) plan, or
• contributions made to an ABLE account for which you are the designated beneficiary (beginning in 2018).
-Contributions are tax deductible much like a IRA,
-Has yearly contribution limits much like an IRA,
-Non-HSA withdrawals are treated like tax deferred withdrawal after age 65 much like a TIRA
-Oftened mentioned together with other retirement accounts: can-hsa-retirement-account
Quacks like a duck..walks like a duck...
My Insurance plan is a government subsidized (due to my low income) HDHP ($6500 deduction) plan and is an HSA qualified Plan. Not all HSA owners are upper income.
My question is pertinent to low income, young, healthy individuals who have an HSA as an option. The Saver's Credit is directed at the low income.
https://www.irs.gov/pub/irs-pdf/f8880.pdf
I have also searched the web and articles on HSA don't mention Saver's Credit, and articles on Saver's Credit don't mention HSA.
My guess is that one cannot claim Saver's Credit for HSA.
Thanks for chiming in. Interestingly too, one does not need earned income to make an HSA contribution which also makes it a different duck.
https://ybbpersonalfinance.proboards.com/thread/258/hsa-health-savings-accounts
https://irahelp.com/phpBB
A login is required to ask questions. They are very responsive and helpful.
Received this from their forum today:
HSA’s were sold as a means to lower the cost of health insurance through HDHP’s but give a tax break for medical expenses for people who couldn’t afford higher premiums. Of course, like everything else in our assbackwards US healthcare system, it turned into a case of the tail wagging the dog.