Medicare 2022: Can I pay for Medicare premiums from HSA?


PReimbursement for health insurance plans can be difficult, especially if you are signing up for a new health plan for the first time.

Medicare considered as a health plan, so you need to consider how it can work alongside your existing health plans.

What is HSA?

A Health Savings Account (HSA) is an account you can use to pay pre-tax out-of-pocket medical expenses using money you can put into an HSA, as long as you meet certain requirements.

You can only use HSA if you do not have another health plan, which means you will no longer be able to contribute to HSA once you enroll in Medicare.

However, you can still use HSA with Medicare, using those funds to cover Medicare premiums, copayments, and deductibles.

How does HSA work after enrolling in Medicare?

You can only contribute to the HSA if you have no other health care, and so Medicare means your pre-tax money can no longer be contributed.

If you want to continue contributing to the HSA, your best option is to delay enrolling in Medicare, which you can do if you are over 65 and not yet retired or receiving Social Security retirement benefits.

Can I pay for Medicare premiums from HSA?

HSA can be used to pay Medicare premiums, but only for limited qualified medical expenses, which include multiple options.

These include Medicare Part B premiums, Medicare Part C premiums, Medicare Part D premiums, deductibles for all parts of Medicare, co-payments and co-insurance costs for all parts of Medicare, dental costs, vision costs, insulin and diabetes medications, and over-the-counter medications. medicine.

You can also use your Medicare Part A HSA to cover your hospital insurance costs, although most people don’t pay a premium for this, and it’s only a deductible that needs to be paid.

It’s also worth nothing that you can’t use your HSA to cover Medigap premiums as additional coverage for Medicare because it’s not listed as a qualifying medical expense.


Source link


Please enter your comment!
Please enter your name here