Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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At AGE 65, not when you retire, is when you can no longer contribute. Retirement had nothing to do with it. Last edited by Toymeister; 10-25-2022 at 10:06 AM. |
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#17
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I retired from the government also. i took my health plan, GEHA with me into retirement. They also have something like the FSA, called health benefits which you can earn up to $250.00 per year to use towards medical prescriptions or other medical supplies.
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#18
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Caution do not get the money transfer or you pay tax on it
you can go to any hsa this is just fidelity how to
Transfer Your HSA | Health Savings Account | Fidelity Investments |
#19
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I had an HSA at BMO Harris bank when I retired. This year, BMO Harris transferred my account to Lively. Unfortunately I do not know much bout them
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#20
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If you are looking for information about your Health Savings Account, I suggest that you go to Internal Revenue Service | An official website of the United States government. Some of the responses supplied on this forum are not correct.
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#21
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=========== "...federal employees are on borrowed time to maximize the tax-preferred benefits of an HSA. Once you retire and are on Medicare, you no longer qualify to receive an HSA from an HDHP and you can no longer make voluntary contributions to your HSA." (source: Why a Health Savings Account is a Secret Weapon in Saving for Retirement - Government Executive) =========== "Q2: What happens to money in my HSA when I retire? A: That depends: • If you’re under age 65, retired and still have an HSA-compatible health plan, you can continue to contribute to the HSA and use the funds for qualified medical expenses. • If you’re under age 65, retired and don’t have an HSA-compatible health plan, you’re no longer eligible to contribute to the HSA, but can continue to use the funds for qualified medical expenses • If you’re 65 or older, retired and on Medicare, you’re no longer eligible to contribute to the HSA, but can continue to use the funds for qualified medical expenses. • If you’re 65 or older, you’re not limited to using an HSA just for health care expenses. You may use it for other expenses, however you’ll need to pay income taxes on those amounts but won’t have any early withdrawal penalties." (source: https://www.livgov.com/hr/Documents/...-Questions.pdf) |
#22
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This used to make sense when more people itemized. Now that most don't and paying the medical expense out of pocket is not tax beneficial it really doesn't matter. In fact by using the HSA to pay expenses - if you are eligible - it may free up money to make the maximum HSA contribution.
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Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams |
#23
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Many taxpayers do not realize that they can pay their medicare premiums out of their HSA.
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Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams |
#24
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If you're over 65 and not taking medicare you can still contribute. If you're younger than 65 and taking medicare you cannot contribute.
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Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence. John Adams |
#25
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🤔 don’t trust the govt.
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#26
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HSA for life
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The OP apparently has an HDHP through the FEHB program for Federal Employees. That HDHP insurance company probably opened an HSA at a financial firm of it's choosing, and contributed to it each year. Different insurance companies partner with different HSA trustees. OP can keep that same HDHP plan and companion HSA account after retirement. However, once you reach age 65 and enroll in Medicare, you can no longer contribute to an HSA. If OP keeps the HDHP plan while on Medicare, contributions will be put into an FSA instead of the HSA. You can (and probably should sometime) do a direct rollover from one HSA to another HSA. Fidelity HSA is the highest rated with no fees and no minimum balance. Transfer Your HSA | Health Savings Account | Fidelity Investments For HSA ratings, see: Best HSA Account Providers In 2022 | The College Investor The Best HSA Accounts and Providers Guide | Morningstar Last edited by jump4; 10-27-2022 at 08:20 PM. |
#27
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#28
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Closed Thread |
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