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Health Savings Account (HSA) Withdrawal After Age 65 in Retirement - Tax Free!
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Health Savings Accounts, or HSAs, can be a really important retirement income tool.
A lot of people know that Health Savings Accounts can be used to pay medical expenses.
What are some items you can use HSAs for in retirement?
- Medicare Part B premium
- Medicare Part D premium
- Improving home with certain medical equipment such as grab bars
- Doctor office copays
There is one primary item that HSAs can not be used for: Paying the premium for your Medigap insurance premium.
What makes Health Savings Accounts so great in retirement is that they can help manage your retirement income.
Because you can withdrawal money from an HSA tax free as long as you have qualified medical expenses, and because there is no requirement for when the money must be withdrawn from an HSA, these accounts give retirees a ton of flexibility in managing their taxable income throughout retirement.
This helps retirees avoid tax pitfalls like the dreaded IRMAA Medicare premium surcharge or jumping into higher income tax brackets.
A lot of people know that Health Savings Accounts can be used to pay medical expenses.
What are some items you can use HSAs for in retirement?
- Medicare Part B premium
- Medicare Part D premium
- Improving home with certain medical equipment such as grab bars
- Doctor office copays
There is one primary item that HSAs can not be used for: Paying the premium for your Medigap insurance premium.
What makes Health Savings Accounts so great in retirement is that they can help manage your retirement income.
Because you can withdrawal money from an HSA tax free as long as you have qualified medical expenses, and because there is no requirement for when the money must be withdrawn from an HSA, these accounts give retirees a ton of flexibility in managing their taxable income throughout retirement.
This helps retirees avoid tax pitfalls like the dreaded IRMAA Medicare premium surcharge or jumping into higher income tax brackets.
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