Already retired-HSA contributions

[kurtzoe]

Thanks in advance for the response. We are recently retired. DW and I will both turn 62 this September. I will be receiving SS and DW will have a pension. Is it possible for us to contribute to the HSA DW had through her work (Local school district), or any other HSA we might be able to establish? Thanks

 

[COcheesehead]

HSA's must be associated with a high deductible health care policy. Do you have that?

 

[kaneohe]

Do you have a HDHP (high deductible health plan) that is HSA eligible?

 

[kurtzoe]

Yes, We are buying the same plan we had while she was working through the BOE. It is a HSA. Wondering how I can contribute to it to achieve a tax deduction.

 

[jebmke]

Yes, We are buying the same plan we had while she was working through the BOE. It is a HSA. Wondering how I can contribute to it to achieve a tax deduction.

You should be able to make deposits at the HSA bank as long as you meet all the criteria. Once you go on Medicare or otherwise become ineligible for the plan you can't contribute but you can use the balance to pay for qualified medical expenses. To deduct the deposits you file form 8889 and make the adjustment to your income on form 1040. <--- these are the rules in 2017; I'm assuming the form numbers and location of the adjustment will be the same in 2018.

 

[SumDay]

jebmke is 100% correct. DH just turned 65, and I'm not yet Medicare eligible, but am retiring next month. I can contribute $4450 each year until I turn 65, to partner with my high-deductible retiree medical plan I'm buying through my soon to be previous employer.


I plan to move my HSA to our local bank, which will give us a fee-free HSA account due to the balances we keep there. Keeping it with the employer's recordkeeper would cost me a monthly fee, and they're honestly pretty awful.


Lots to consider once you get closer to 65: https://www.aarp.org/health/medicare-insurance/info-04-2009/ask_ms_medicare_question_53.html

 

[zinger1457]

Yes, We are buying the same plan we had while she was working through the BOE. It is a HSA. Wondering how I can contribute to it to achieve a tax deduction.

You can open an HSA account at any bank or institution that offers them, there's no tie in with the insurance policy or employer. I would suggest searching/reading some of the threads on the ER Health forum, there's a few things (fees, investment options, etc.) to consider when selecting an HSA administrator. Contributions can be made easily with a transfer from any checking or savings account to your HSA account.

 

[COcheesehead]

You can open an HSA account at any bank or institution that offers them, there's no tie in with the insurance policy or employer. I would suggest searching/reading some of the threads on the ER Health forum, there's a few things (fees, investment options, etc.) to consider when selecting an HSA administrator. Contributions can be made easily with a transfer from any checking or savings account to your HSA account.

You have to an association with a high deductible policy. IRS says so.

https://www.irs.gov/pub/irs-pdf/p969.pdf

 

[zinger1457]

You have to an association with a high deductible policy. IRS says so.

https://www.irs.gov/pub/irs-pdf/p969.pdf

The point I was making was the insurance policy is not tied to any specific HSA administrator, you can select any administrator you want.

 

[COcheesehead]

The point I was making was the insurance policy is not tied to any specific HSA administrator, you can select any administrator you want.

Just clarifying. What you originally wrote came across differently.

 

[kurtzoe]

Thanks all for your help. I'm now on the right track with this!