options with hsa

[frank]

my wife will be going on medicare a and b this december. the questions I have are: If I make a deposit to her hsa account for 2017 is it still tax deductible this year? and can I use the money in the hsa account to pay her medicare b,d, or any other products? I know medications, dental, and eyewear are acceptable. thanks

frank

 

[bingybear]

link

After your wife turns 65, you can use money from her HSA to pay Medicare premiums for both of you. And even though your premiums are deducted from your Social Security benefits, you can withdraw money from the HSA tax-free to reimburse yourselves for the Part B premiums. You can also use the HSA money to pay Part D premiums for both of you, as well as premiums for Medicare Advantage plans (but not medigap).

Keep in mind that your wife will no longer be able to make new contributions to her HSA after she signs up for Medicare.

link

Basic answer is yes. you can't use hsa to pay for medigap coverage. On funding the hsa, only for months where she qualified otherwise. For December if medicare starts on December 1, then you can not fund the hsa for December, but the rest of the year and prorated catch up provision would be allowed unless you did not have coverage under an hsa compatible health plan.

 

[frank]

thanks for the link. it was very useful.

frank