Some premiums under Medicare can be qualified medical expenses.
Medicare is a health plan, so planning out any payments that need to be made is a good idea.
HSA explained
A HSA is a health savings account used to pay for medical expenses with untaxed dollars.
You may use a HSA if you don’t have another health plan.
You cannot make contributions to your HSA once you enroll in this health plan.
What is the Advance Premium Tax Credit?
What you can do is use the money in your HSA to cover premiums for this health plan.
What to do with your HSA after enrolling in Medicare
While you cannot contribute to your HSA anymore after enrolling, you can use the plan.
If you want to continue to contribute then you should delay enrolling in Medicare.
You can do this if you’re 65 and not yet retired or receiving Social Security.
Paying your Medicare premiums with a HSA
You can pay the following things with your HSA when it comes to your Medicare plan
- Medicare Part B premiums
- Part C premiums
- Part D premiums
- Deductibles for all parts
- Copayments
- Coinsurance costs
- Dental
- Vision
- Insulin
- OTC medicine
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