ownyourfuture
Thinks s/he gets paid by the post
- Joined
- Jun 18, 2013
- Messages
- 1,561
As recommended by moderators, I searched for older articles related to HSA’s, but very few, if any of those threads cover more than 1 or 2 specific questions/area’s, & many of them are quite dated. As popular as HSA’s seem to be (especially for members of this forum) I'm thinking this might be helpful for future members as well.
I retired June 2015, & opened my HSA @ HSA Bank in late 2016. I just recently transferred it to Fidelity.
Here’s my basic understanding of HSA’s, & a few questions. Please correct me if any of this is inaccurate, or if I’m missing something.
✓ means it applies to me.
1: You can only open up & make tax deductible contributions, if you have a high deductible, HSA compatible health care plan ✓
2: For 2019, the max contribution is $3,500.00 (Single) ✓ If you’re 55+ for any part of 2019, you can add another 1-k $4,500.00 ✓
3: My HC plan has a deductible of $6,400.00 & zero coverage for dental & vision, even if the deductible has been met. It's my understanding
that I could use (if I chose to) HSA funds to pay for bills related to those 2 areas ?
4: I had a minor medical event in May of 2016. I have all the receipts for my out-of-pocket costs. I was on *Cobra* through November
of that year, & I didn't initiate my HSA until December. With that in mind, if I chose to at some later date, could I use HSA funds
to reimburse myself, even though at the time I had the illness, I had a non HD plan, & hadn’t even opened an HSA yet ?
5: #2 covered maximum annual contributions. Assuming it was all medical related, are there limits to annual distributions ?
6: Assuming there’s still sufficient funds in my HSA, when I turn 65 & go on Medicare, I can use money from my HSA to pay Medicare
premiums ? And even though those premiums are deducted from my SS benefits, I can withdraw money from the HSA tax free to
reimburse myself for the part B premiums, & also use it to pay part D premiums, as well as premiums for Medicare advantage plans ?
(but not medigap) http://www.early-retirement.org/forums/f38/options-with-hsa-88277.html
7: As I've learned here @ ERF, it's best to contribute as much as possible each year, & let it grow tax-free as long as possible.
This is exactly what I'm going to do, as long as I’m able to do so.
Even though I've seen this question answered many times, I'll ask it again just to be absolutely sure.
Assuming the rules don't change, as long as I have the proper receipts/paperwork, 10 years from now, I could take a tax-free
distribution from my HSA, to reimburse myself for the 2 teeth cleanings I'll receive in 2019 ?
I retired June 2015, & opened my HSA @ HSA Bank in late 2016. I just recently transferred it to Fidelity.
Here’s my basic understanding of HSA’s, & a few questions. Please correct me if any of this is inaccurate, or if I’m missing something.
✓ means it applies to me.
1: You can only open up & make tax deductible contributions, if you have a high deductible, HSA compatible health care plan ✓
2: For 2019, the max contribution is $3,500.00 (Single) ✓ If you’re 55+ for any part of 2019, you can add another 1-k $4,500.00 ✓
3: My HC plan has a deductible of $6,400.00 & zero coverage for dental & vision, even if the deductible has been met. It's my understanding
that I could use (if I chose to) HSA funds to pay for bills related to those 2 areas ?
4: I had a minor medical event in May of 2016. I have all the receipts for my out-of-pocket costs. I was on *Cobra* through November
of that year, & I didn't initiate my HSA until December. With that in mind, if I chose to at some later date, could I use HSA funds
to reimburse myself, even though at the time I had the illness, I had a non HD plan, & hadn’t even opened an HSA yet ?
5: #2 covered maximum annual contributions. Assuming it was all medical related, are there limits to annual distributions ?
6: Assuming there’s still sufficient funds in my HSA, when I turn 65 & go on Medicare, I can use money from my HSA to pay Medicare
premiums ? And even though those premiums are deducted from my SS benefits, I can withdraw money from the HSA tax free to
reimburse myself for the part B premiums, & also use it to pay part D premiums, as well as premiums for Medicare advantage plans ?
(but not medigap) http://www.early-retirement.org/forums/f38/options-with-hsa-88277.html
7: As I've learned here @ ERF, it's best to contribute as much as possible each year, & let it grow tax-free as long as possible.
This is exactly what I'm going to do, as long as I’m able to do so.
Even though I've seen this question answered many times, I'll ask it again just to be absolutely sure.
Assuming the rules don't change, as long as I have the proper receipts/paperwork, 10 years from now, I could take a tax-free
distribution from my HSA, to reimburse myself for the 2 teeth cleanings I'll receive in 2019 ?
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