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Some clarification?
Old 08-25-2007, 10:13 PM   #41
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Some clarification?

Quote:
Originally Posted by eridanus View Post
Yes, COBRA premiums are allowable HSA expenses.

IRS Publication 969:
----------
You can, however, treat premiums for
long-term care coverage, health care coverage while you
receive unemployment benefits, or health care continuation coverage required under any federal law as qualified medical expenses for HSAs.
----------
So how would my premiums qualify? It's not long term care insurance (you mean like nursing home care, right?). I'm not receiving unemployment. As far as I know, taking Cobra is not required under any federal law. I know that under Wisconsin law, under HIRSP, I'm required to exhaust cobra before qualifying for hirsp, but would this be a federal requirement under hipaa? How do you see this rule applying to my situation?
Thanks,
Eddie
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Old 08-25-2007, 10:24 PM   #42
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Quote:
Originally Posted by EddieG View Post
So how would my premiums qualify? It's not long term care insurance (you mean like nursing home care, right?). I'm not receiving unemployment. As far as I know, taking Cobra is not required under any federal law. I know that under Wisconsin law, under HIRSP, I'm required to exhaust cobra before qualifying for hirsp, but would this be a federal requirement under hipaa? How do you see this rule applying to my situation?
Thanks,
Eddie
It's not you that's being required to take COBRA. It's the company that's being required to offer it.

http://www.irs.gov/pub/irs-drop/n-04-2.pdf

Question 27

Q-27. Are health insurance premiums qualified medical expenses?

A-27. Generally, health insurance premiums are not qualified medical expenses except for the following: qualified long-term care insurance, COBRA health care continuation coverage, and health care coverage while an individual is receiving unemployment compensation. In addition, for individuals over age 65, premiums for Medicare Part A or B, Medicare HMO, and the employee share of premiums for employer-sponsored health insurance, including premiums for employer-sponsored retiree health insurance can be paid from an HSA. Premiums for Medigap policies are not qualified medical expenses.


But I'm not an accountant.
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Old 08-26-2007, 12:10 AM   #43
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Thanks

Yes, I see what you mean. That will help while on cobra.

Thanks,

Eddie
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Old 08-26-2007, 12:24 PM   #44
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I'm also somewhat surprised that folks retiring from the US would consider immigrating to Canada to get free health care...
They may consider, but Canada no longer has a retirement immigration category, specifically to prevent new demands on the healthcare system. You have to be a worker. (But it is still nutty. They still have a category to allow immigration for workers in the sex trades, for example. I thought that went away a few years ago in a scandal, but no, there are still some immigrants coming in under that category. And you thought the US government was crazy?)
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