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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 ...
After you turn 65, you can also use the funds for non-medical expenses. In 2024, you can contribute up to $4,150 if you have an individual plan or $8,300 for a family plan. Folks over 55 can ...
If you’re using HSA money for other expenses, you’ll be taxed at your ordinary income tax rate. Essentially, this will mean the account works like a 401(k).
Save now through a Health Savings Account (HSA) An HSA works similarly to a retirement account such as a 401(k) , but the money can be withdrawn tax-free to pay for qualified medical expenses.
Health savings accounts are similar to medical savings account (MSA) plans that were authorized by the federal government before health savings account plans. Health savings accounts can be used with some high-deductible health plans. Health savings accounts came into being after legislation was signed by President George W. Bush on December 8 ...
While you can still use any funds in your current HSA to cover expenses like Medicare premiums, copayments, and deductibles, there’s a tax penalty if you contribute more money after enrolling in ...
If you’re 65 or older and enrolled in Medicare, you can no longer make contributions to an HSA, but you can still use the money you’ve built up in the account to pay out-of-pocket medical ...
You can tap an HSA to pay the premiums for a long-term-care insurance policy, but the amount you can withdraw tax-free depends on your age.
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