Health Savings Account (HSA) in retirement?
 

I'll retire soon from the Federal Government. I have an HSA through them that I'm told I can't take into retirement.

It is the only plan I've ever known and I have no idea where to find a new plan. Any and all information about who offers these and how to sign up is appreciated.

Thanks!

I'm not sure I understand your question. As a Federal retiree, I think you can continue with the same health plan you had as an employee. I had the Standard Blue Cross plan as an employee, and I still have the same plan as a retiree. The only difference is that you pay the premiums monthly instead of biweekly. And, you still have the same health plans to choose from during the annual FEP open season.

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.

Your HSA continues to grow tax free and can be used for any legitimate medical expenses. Are you asking if you can open a new HSA so you can continue to contribute from your earned income once you leave the government? Or are you saying that you must find a new administrator for you existing HSA?

Doesn’t make sense. Most financial planners suggest you do not tap into your HSA, pay medical bills out of income while you’re working. Use HSA in retirement

The hell you can't!

I'm a retired Fed and I have an HSA that I contribute directly to (not a payroll deduction).

The former Lake Michigan Credit Union (now LMCU) with offices in Florida, is one place where you can establish an account.

It's important to note I am in my fifties as I imagine the OP is...

You can establish an account with Fidelity. Health Savings Account | HSA Benefits | Fidelity Investments I doubt they are the only ones.

I have an HSA. I am retired. I use it for dental work and prescriptions and to cover my deductible.

You can keep your HSA when you retire and continue to use the money in it for qualified medical expenses and certain over-the counter items. However, you can no longer contribute to it. Once the funds are used up it's done.

Subtle correction; if you retire before 65, before going on Medicare, and you are on a 'high deductible' insurance policy, you can continue to contribute to your HSA account each year.

Health Savings Account (HSA) in retirement?
 

I researched this a few years ago so my information may not be up to date.. Fidelity was the only HSA administrator at the time who offered the plan for free. All other administrators had a yearly fee. I had to transfer my HSA from my employers option to Fidelity. So, my HSA is now with Fidelity and I am not charged anything for it. I recommend them and have not had any issues there.

Gov. retiree health care
 

Look into the 'GEHA', Gov. Health Alliance plan. Great coverage.
You will receive options to change plans every October on the Gov. retirees web site. One web site is for health care plans to choose The Benefits web site is for Dental & eye coverage. Find a "webinar " for people ready to retire from the Gov. for more details

Actually, the open season to change plans in 2022 is from November 14 to December 12.

Cigna and Florida Blue both offer HSA accounts