Understanding HSA's and Medicare (How Can You Spend It?)

If you have a high deductible health plan, you're eligible for a health savings account. Many people aren't sure what they spend their HSA funds on. What are qualified medical expenses? In this video, you'll learn how HSA's can work together with your medicare plan.

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The Medicare Family has been making Medicare and Social Security easy for 40+ years, across all 50 states. And each year, our family continues to help more and more people with how Medicare works, when to take Social Security, and how to find the best Medicare plans. We know that learning about your retirement benefits can be confusing. And it’s hard to find a trusted source of information. We get it! That’s the reason we do what we do.

[TheMedicareFamily]

Let me know what you think about the video in the comments below!

[arvinnaraghi]

Thank you for the information. l like the fact that your videos are short and sweet!!

[joedudak]

Your newsletter, videos, and social media channel offer some of the most practical, easy-to-put-in-practice bits of education available for a Medicare Broker like myself. I am SO glad I found you online. Agents/brokers in your downline are fortunate. Thank you for being you and doing what you do.

[kathygoebel]

Also, how do you write a check out if it’s a card??

[bortonbob]

Thank you for educating us. After briefly researching online, it does not appear that I am eligible to have an HSA. I am retired, am on Medicare, and my Medicare premiums are paid directly from my Social Security income. After Medicare pays, I have Tricare For Life that pays 100% of the remaining medical expenses. Am I eligible to have an HSA to pay for Medicare premiums, dental premiums, and dental or eyecare expenses?

[angelalundy]

Hoping to use my HSA to retire at 64 and pay my cobra premiums. Very gray area when I read IRS code. If it's disallowed, I will have a file of medical receipts I've been paying out of pocket.

[cms]

But there is a limit caps to how much can be put in that account... so is that per yr, or for the life of the HSA?

[christinebuckingham]

Can people have still participate in an HSA at a job and also be on regular Medicare part A and B?

[imdebbie]

Once on Social Security how do you contribute to your HSA pre tax?

[Hollywood-]

I was of the understanding you could not take your HSA plan with you and enroll in Medicare. IRS says no. I’m confused

[barbaranewman]

You can withdraw money from your Health Savings Account (HSA) for any reason without penalty once you turn 65 years old. However, you will still be subject to income tax on any non-qualified withdrawals.
Before age 65, you can only withdraw money from your HSA tax-free for qualified medical expenses. If you withdraw money for non-qualified expenses before age 65, you will be subject to both income tax and a 20% penalty.

[shelbachristian]

Im newly on Medicare and don’t know if I have an HSA. Is it a card? I could use it to pay my Medicare bill each month? How?

[browncowantiques]

I have an HRA and health reimbursement account from my job with a considerable amount in it. I am already retired and on SS and next year will be in Medicare, I am 64 now. I have to pay the expense and submit for reimbursement to get the money, which I have done already for dental expenses. You didn't discuss an HRA here, can I use my HRA to pay my part B medicare when I begin getting Medicare? They told me I cannot cash out my HRA at any point in my life, but I see that seems to not be the case with HSA. Is that so?

[georgemorgan]

I paid my Medicare advantage premium with my HSA b4 converting to a 0 premium plan x 2 months. Your video says this isn't an allowable HSA expense, so how are these expenses monitored? Will I be taxed for that expense? Same question regarding some supplements I purchased with my HSA card.

[susansculley]

From a Licensed Agt perspective, what's your professional opinion on Medicare option MSA plans? I got Certified to sell them, but not sure it's in most senior's best interest, esp since annual preventive visits alone may end up absorbing a large percentage of the annual deposited amount. I would greatly appreciate your thoughts on MSA's? I'm torn... love the MediGap look-alike with no premium, and, the MSA Hybird concept of MA-MediGAP. I'd appreciate your thoughts of this, please and thank you so much!

[bertimus]

Groceries are now reclassified as dental work

[dottiecorning]

I am 66. Can i still add to my HSA account? I am still working.

[daniatarquinio]

I thought when you turned 65 you could spend on anything even not medical.