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California retirees, are there benefits to enroll in HSA in retirement in Cali.
Old 02-06-2020, 05:19 PM   #1
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California retirees, are there benefits to enroll in HSA in retirement in Cali.

I retired about 6 months ago at 50 and now longer have a W-2 income so I am wonderring if there are benefits to enroll in HSA insurance plans. I currently have Kaiser Bronze 60 or the HSA Bronze 60 saves me about $30 per month. I live in California so the contribution to HSA account will be after tax dollars.
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Old 02-06-2020, 05:34 PM   #2
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Sorry.

The progressive green carbon credits state of CA offers no HSA deduction for contributions and taxes distributions as ordinary income.

But the Federal benes still apply.
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Old 02-06-2020, 05:40 PM   #3
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Originally Posted by RobbieB View Post
Sorry.

The progressive green carbon credits state of CA offers no HSA deduction for contributions and taxes distributions as ordinary income.

But the Federal benes still apply.

Thanks Robbie, so $3,500 contribution per year could be used as deduction and the withdraw will be taxed as ordinary income ?
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Old 02-06-2020, 05:52 PM   #4
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Fed deduction only. I got the distributions wrong. No tax of course but they do tax the interest earned...
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Old 02-06-2020, 06:12 PM   #5
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I'm in California. This is my second year on ACA, last year I had a silver plan and paid a monthly premium of $150. This year I chose the Kaiser HSA Bronze 60 plan for a $1 premium and because I can convert more of my IRA to a Roth because of the $4550 Federal tax credit. That's the way I understand it to work, I hope I'm right but if not I'm sure someone else will let us know. I've dropped $500 in an HSA Savings account at NASA FCU and I will probably open a Fidelity account to invest the other $4050 in the next month or so. I've never invested before, I've always saved in CD's so the market is new to me and I have to admit a little scary but I can only get 1.55% on HSA CD's at Nasa.
Gotta say, I'm loving Kaiser. They started mailing and calling me in December to get my online account set up and my doctor chosen early. I've been in for my new patient visit, getting a full colonoscopy in a couple of weeks, and already did some blood work and other preventive screenings all at no charge. They are the nicest people, I was called 5 minutes before my scheduled appointment time by a wonderfully efficient nurse and and my doctor is great. I love having all my information available in my online account, they are so organized they put my old doctor of 25 years to shame I'm sorry to say.
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