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Cover health care costs: You can use your HSA to fund health care needs like COBRA premiums or Medicare Parts A, premiums. It can also offset expenses related to tax-qualified long-term care ...
If, however, you withdraw funds for a non-qualifying expense, you will have to pay income taxes on the withdrawal and pay a 20 percent penalty. The IRS has a long list of what’s considered a ...
While you can still use any funds in your current HSA to cover expenses like Medicare premiums, copayments, and deductibles, there’s a tax penalty if you contribute more money after enrolling in ...
U.S. HealthCare.gov, Health Savings Accounts (HSAs) IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans; IRS Publication 502, Medical and Dental Expenses; IRS HSA Contribution limits for 2014, 2013, 2012; FAQs on HSAs: Frequently Asked Questions on Health Savings Accounts from the American Academy of Actuaries ...
The IRS released information on HSA inflation-adjusted amounts for 2025 in August that specify contribution limits of up to $4,300 if you have an individual plan or $8,550 for a family plan.
You can withdraw HSA money tax-free for any reason after turning 65. ... For example, you can use HSAs to pay premiums for Medicare Part B, Medicare Part D, or Medicare Advantage plans. Since most ...
All or part of the funds in health savings accounts can be invested in mutual funds, stocks, bonds and other investment products. It’s a tax-free way to grow your HSA to pay for medical expenses ...
You can tap an HSA to pay the premiums for a long-term-care insurance policy, but the amount you can withdraw tax-free depends on your age.