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You can use money already in your HSA to pay for some Medicare costs, but there’s a tax penalty if you put pretax money in an HSA. A health savings account (HSA) is an account you can use to pay ...
A person can use their HSA to pay some Medicare premiums. This includes paying for Medicare Part B and Medicare Part D . A person cannot currently use their HSA to pay for Medigap premiums.
After you turn 65, you can also withdraw money tax-free from the HSA to pay premiums for Medicare Part B, Part D and Medicare Advantage (but not Medigap) coverage.
If you had a Health Savings Account (HSA) prior to enrolling in Medicare, you can use those tax-free funds to pay for Medicare premiums. Contributions to an HSA are tax deductible and earnings are ...
You can withdraw HSA money tax-free for any reason after turning 65. ... For example, you can use HSAs to pay premiums for Medicare Part B, Medicare Part D, or Medicare Advantage plans. Since most ...
If you have an HSA, you can use those funds to help cover your premiums, which may be very expensive once they're no longer subsidized. 2. You can't contribute to an HSA once you enroll in Medicare
Cover health care costs: You can use your HSA to fund health care needs like COBRA premiums or Medicare Parts A, premiums. It can also offset expenses related to tax-qualified long-term care ...
Plus, you can use HSA funds to pay Medicare premiums later. My clients who maxed out their HSAs in their working years are in much better shape now.” Adjust Your Investments Accordingly