![]() ![]() ![]() If you are enrolled in Medicare, you are not eligible for an HSA. Withdrawals from an HSA aren’t taxed as long as they are used to pay for qualified medical expenses. Even if you change plans, the HSA is yours to keep. You choose whether to use your HSA funds to pay for your qualified medical expenses under your deductible or to leave in the account to continue to draw interest tax-free. You may also contribute to your HSA up to the IRS maximum amount. If you are eligible for an HSA, the plan credits a portion of the health plan premium into your account each month. When you enroll in an HDHP, the health plan will ask questions to determine if you are eligible for a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA). You pay nothing for preventive care services received from an in-network provider. With the exception of preventive care, you must meet the annual deductible before the plan pays benefits. The tax advantages are that you may contribute funds to your HSA for a tax-deduction, earn interest on the account tax-free, and withdrawals are not taxed for qualified medical expenses.Īn HDHP may have higher annual deductibles than a traditional health plan. Flexible Spending Accounts Toggle submenuĪ High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) or a Health Reimbursement Arrangement (HRA) provides traditional medical coverage and a triple-tax advantaged way to help you build savings for future medical expenses while providing you greater flexibility and discretion over how you use your health care benefits.Federal Employees Receiving Premium Conversion Tax Benefits.Transparency in Healthcare Toggle submenu.Coordination of Medicare and FEHB Benefits.Changes in Health Coverage Toggle submenu. ![]()
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