11/2/2023 0 Comments Hsa qualified expenses 2021![]() That's where your HSA comes in again! (Please note: Medicaid does cover long-term care, but only after you've used up nearly all of your assets). If you need custodial care, either in-home or in a nursing home, you'll need a solution other than Medicare. So, while it'll continue to cover medical care for the rest of your life, it won't pay for custodial care, like assistance with bathing, dressing or eating. Seniors are often surprised to learn that Medicare doesn't cover long-term care. You can then use the money in your HSA to pay your out-of-pocket expenses under Medicare (deductibles and coinsurance, plus copays or coinsurance for medications).You can also use it to pay for qualified medical expenses that Medicare doesn't cover at all, like dental care, hearing aids, or long-term care. While you can't put any more money into your HSA after you enroll in Medicare, you can continue to withdraw tax-free money to pay for medical expenses. But your HSA can continue to provide benefits long after you enroll in Medicare! Remember, you have to stop contributing to your HSA once you enroll in Medicare Part A and/or Part B, which happens at age 65 for most people. ![]() So, if you contribute to an HSA year after year, you could end up with a nice amount of money in the account after a while. If you stay fairly healthy, you might have a lot less in medical expenses during an average year. If you have HDHP coverage for yourself and at least one other family member, that number goes up to $7,500. You can also withdraw money at any time to pay for qualified medical expenses, without having to pay taxes.īut what if you don't need to use the money for medical expenses? In 2023, you can contribute up to $3,850 to an HSA if you have coverage for just yourself under an HDHP. ![]() HSAs have a "Triple Tax Benefit." Meaning you don't pay taxes on the money you put in your HSA, and you can invest it in stocks or bonds, or put it in an interest-bearing account, with tax-free growth. ![]() But you might not know just how much flexibility you have in terms of what you can do with that money in the future. If you've got an HSA-qualified high deductible health plan (HDHP), you may already know that you can put money in an HSA. ![]()
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