HSA allocation

[Cobra9777]

Im used to it Cobra. I get a curveball thrown in the dirt every time a benefit comes along. Whether it be health care subsidies, no HSA increase, or even Corona aid relief. Heck I have millionaire retiree friends getting Corona money and fully employed friends. Even my Dad bless his heart who died in 2018, got a check too. Everybody but me. Its a burden I must bare alone, lol.

You sort-of missed my point but that's understandable. It was a covert political jab intended to fly under the moderator's radar, which it did. But evidently, it was a bit too covert (after the 3rd edit) and you misinterpreted my intent.

I would have left it alone, but I don't want to sound like a rich guy whining about not getting the latest round of free money. My HSA will serve us just fine as is. Although I will not complain if they resurrect the beefed-up version at some point.

 

[Cobra9777]

I know three widows whose spouses died in 2019 and received stimulus payments of $2,400.... one was pretty upset when I pointed out to the that they would be expected to return 1/2 of it to the IRS.

My FIL died in late 2018. DMIL received a check for $2400. It was made out to her alone but obviously included $1200 for DFIL. I told her to deposit the whole amount and then wait.

I know the IRS has requested that people return this money. But I told her not to return anything until there is something more than weakly-worded instructions in the FAQ of a website. They used the word "should," which sounds to me like little more than a suggestion.

From what I've read, there is no clawback provision of any kind in the original CARES Act. So she'll be keeping the money until there is an unambiguous requirement to return it (with consequences) made into law or the IRC.

 

[pb4uski]

I understand your point, but I suspect that the IRS will be more assertive about having the money returned as the year progresses.... especially given a news item today that a GAO report flagged that about $1.4 billion in stimulus payments has been paid to deceased people.

 

[Mulligan]

You sort-of missed my point but that's understandable. It was a covert political jab intended to fly under the moderator's radar, which it did. But evidently, it was a bit too covert (after the 3rd edit) and you misinterpreted my intent.

I would have left it alone, but I don't want to sound like a rich guy whining about not getting the latest round of free money. My HSA will serve us just fine as is. Although I will not complain if they resurrect the beefed-up version at some point.

Ha, no I didnt mean to infer anything like that at all. I was just interpreting your situation through my eyes is all. I was wanting that double HSA. Im still building mine again, as finally after 2 years of not even having an HSA compatible plan available on exchange they finally put one back on. Of course pre ACA, I never had a problem getting an HSA individual plan, and a lot cheaper...But I digress....

 

[BigMoneyJim]

Mine has the minimum required cash ($2k) and otherwise is all in Wellington.

I had originally planned not to touch it until years in the future, and possibly even just use it as more deferred retirement savings if possible. (Never tried to figure out if it is.) But in the past two years I have regular (but generally meager?) medical expenses, and I retired in October. So just last week I finally activated my HSA debit card, charged my first HSA expense ever, and intend to use it going forward since I pay no taxes on it.

Wait, are y'all saying I could pay premiums with my HSA? Never crossed my mind. I'll have to check into that, although I'm not sure how long my HSA will last that way.

 

[audreyh1]

Mine has the minimum required cash ($2k) and otherwise is all in Wellington.

I had originally planned not to touch it until years in the future, and possibly even just use it as more deferred retirement savings if possible. (Never tried to figure out if it is.) But in the past two years I have regular (but generally meager?) medical expenses, and I retired in October. So just last week I finally activated my HSA debit card, charged my first HSA expense ever, and intend to use it going forward since I pay no taxes on it.

Wait, are y'all saying I could pay premiums with my HSA? Never crossed my mind. I'll have to check into that, although I'm not sure how long my HSA will last that way.

Your Medicare Part B and Part D premiums, not your regular insurance premiums.

 

[pb4uski]

... Wait, are y'all saying I could pay premiums with my HSA? Never crossed my mind. I'll have to check into that, although I'm not sure how long my HSA will last that way.

Only certain health insurance premiums:

• Insurance premiums while on unemployment
• Medicare Part B, Part D and Medicare Advantage... but not Medigap
• Certain COBRA premiums while on continuation coverage
• LTC insurance premiums

But as audreyh1 says, not regular health insurance premiums. In our case, Part B and D will probably be almost $4k a year so those will at least inhibit the growth of the HSA a bit.