SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: HSA

Health Savings Accounts (HSAs) were created to help people with high deductible health plans (HDHPs) pay out-of-pocket costs. Contributions to an HSA are pre-tax and can cover any qualifying medical expenses. But if you’re approaching age 65, you may have some questions about your HSA and Medicare. You are likely wondering, “Can I use both?”

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Consider a worker who is 55 and making $50,000 per year. He plans to retire at age 67, at which time Social Security could make up 43% of his retirement income. Assuming he can live on 75% of his pre-retirement income, he would need to make up an additional 32% in retirement savings.

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On March 5, 2018, the Internal Revenue Service (IRS) had published Internal Revenue Bulletin (IRB) 2018-10, which contains Revenue Procedure (Rev. Proc.) 2018-18. The effect of this announcement is a decrease in maximum Health Savings Account (HSA) contributions and adoption limits.

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