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LeRoiSoleil
New Member

2019 High Deduct Plan & HSA for 9 mos. Regular health plan for 3 mos as I received SocSec. OK to Keep pre-tax 2019 HSA in fund or withdraw & pay tax?

Had to stop High Deduct & HSA because of Soc Sec payments. Did not take Medicare (still working). Do I have to pull 2019 HSA contribution out & pay tax?
2 Replies
Opus 17
Level 15

2019 High Deduct Plan & HSA for 9 mos. Regular health plan for 3 mos as I received SocSec. OK to Keep pre-tax 2019 HSA in fund or withdraw & pay tax?

Once you own an HSA, you can use the money to pay for out-of-pocket medical expenses for yourself, a spouse, and your dependents, without regard to the kind of insurance coverage you have.  Insurance coverage only determines whether or not you may make new contributions.

 

Additionally, if you are age 65 or older, you can withdraw money from an HSA for any reason and pay regular income tax but no penalty, much like an IRA. If you withdraw it for medical expenses, it is still tax free and penalty free.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
NCperson
Level 15

2019 High Deduct Plan & HSA for 9 mos. Regular health plan for 3 mos as I received SocSec. OK to Keep pre-tax 2019 HSA in fund or withdraw & pay tax?

and if you are over 65, remember it can be used to pay for Medicare premiums! 

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