Web10 de abr. de 2024 · 2. Cover Medicare premiums You can use your HSA to pay certain Medicare expenses, including premiums for Part B and Part D prescription-drug coverage, but not supplemental policy premiums. For retirees over age 65 who have employer-sponsored health coverage, an HSA can be used to pay your share of those costs as … Web2 de out. de 2024 · Short Answer: Non-medical HSA distributions are subject to ordinary income tax at all ages, and they are also subject to a 20% additional tax for individuals who are under age 65. General Rule: HSA Funds Can Be Used for Any Purpose. Unlike a health FSA or HRA, the HSA can be used for both medical and non-medical expenses.

Retirement and FSAs: What you Need to Know

Web13 de jun. de 2016 · You can even take a tax- and penalty-free distribution this year to reimburse yourself for medical expenses in a previous year, as long as the expenses … WebYes, you can contribute to your HSA as long as you are an eligible individual and have not enrolled in Medicare Part A, B, or D. Once you enroll in Medicare you may no longer … hillbrook spa charles town wv

Can You Have a Health Savings Account and Medicare?

Web14 de abr. de 2014 · HSA funds may not be used by pre-65 retirees to pay for retiree health plan premiums, but Medicare-eligible retirees can use HSA account balances to pay their Medicare premiums and premiums for ... WebBy using your HSA funds after age 65 for medical expenses, Medicare premiums, or long-term care expenses/insurance, you can continue to avoid taxes altogether. Once you turn 65, you can also choose to treat your HSA like a retirement account! If you withdraw money from your HSA for something other than qualified medical expenses before you turn ... Web8 de nov. de 2024 · You can withdraw HSA money tax-free, for instance, to pay Medicare Part B, Part D and Medicare Advantage premiums after you turn age 65. Most HSAs let you invest the money in mutual funds for the ... smart choice georgia