This Was the Average HSA Balance at the End of 2023

Healthcare is something that tends to catch retirees off guard -- namely because of how expensive it has the potential to be. That's why it's so important to save for healthcare ahead of retirement. While you could do so by padding your IRA or 401(k) contributions, you may find it beneficial to save in an account that's earmarked specifically for healthcare expenses -- a health savings account, or HSA.

HSAs do not have to be reserved for retirement. You can fund an HSA today and withdraw money at any time to cover qualified healthcare expenses.

Recent data from Bank of America shows that HSA balances increased in 2023. However, it's important to not only try to grow your balance, but also manage it wisely.

Source Fool.com