Talk of The Villages Florida - View Single Post - Health Savings Account (HSA) in retirement?
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Old 10-24-2022, 05:54 PM
retiredguy123 retiredguy123 is online now
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Quote:
Originally Posted by bsloan1960 View Post
To clarify- I can take my Health Insurance into retirement but not by Tax Deferred Health Savings Account (money is put aside tax free to be used only for medical care)
Sorry, I misread your post. It may not be worth finding another HSA, but rather switching to another FEP plan, like Blue Cross. The FEP plans are very generous as far as the Government contribution to the premiums. When you turn 65, you should do the math and determine if it is worth the cost to pay for Medicare Part B. In my case, it was not worth the cost, so my only health insurance is the FEP standard Blue Cross plan. Good luck.

On another topic, you may want to look at the voluntary retirement contribution system, where you can contribute an amount up to 10 percent of your entire career Government earnings as a lump sum into an account, and then, after you retire, transfer the entire amount into a traditional IRA, which will earn tax deferred income. I did this, and greatly increased the balance of my traditional IRA. I am not sure you are eligible, but, if so, and you have money to invest, it is a good deal.