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HealthSavings Administrators Issues Guide About HSAs and Medicare

As employees with HSAs near retirement, questions often arise about the impact of Medicare on their HSA, the firm says.

By PLANSPONSOR staff editors@plansponsor.com | July 11, 2017

HealthSavings Administrators and Paul Verberne, Esq., of Verberne x Maldonado, LLP, have created “A Guide to Health Savings Accounts and Medicare”— a free, 26-page resource covering the basics of health savings accounts (HSAs) and Medicare, as well as how each program impacts the other.

HealthSavings’ emphasis is on helping employees understand the value of HSAs as part of a comprehensive retirement planning strategy. As HSA accountholders near retirement, questions often arise about the impact of Medicare on their HSA.

For example, accountholders enrolling in Medicare Parts A and/or B can no longer contribute to their HSAs. But this seemingly clear rule often generates more questions—like whether a spouse may continue to contribute to that HSA, what expenses continue to be reimbursable, and how to prorate contributions. The guidebook provides clear and simple answers to these questions and more.

“We wanted to provide some clarity around a topic that is confusing for many HSA accountholders,” says Kirk Hoewisch, president of HealthSavings. “By providing clarity, our hope is that accountholders feel confident continuing to maximize and utilize their HSAs to their fullest potential throughout their retirement.”

The guide is available here.

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