Medicare and HSA rules
Hi Terry. Your visit to John William”s show today prompted me to ask you this question because I have yet to find a definitive answer on the Internet. In the next couple of months, I will turn 70 and my wife will turn 65. I retired at age 62 and I was covered under her HDHP at her place of employment until July, 2022 when she retired. At that point, I transitioned to my Medicare coverage. When my wife retired, I became aware that you cannot make an HSA withdrawal from your spouses account for Medicare part B premiums unless the owner of the account has reached the age of 65. I know that you can make HSA withdrawals for qualified expenses at any time as long as you have proper documentation. My question is, when my wife turns 65 in January, can I then go back and take HSA withdrawals for the Medicare part B premiums that I have been paying for the last year and a half? Thanks in advance Terry.
Terry Says
I learned something researching the answer to your question. Indeed, you cannot use your HSA to pay for your spouse’s Medicare Part B premiums if you, the account owner (in this case your wife) is under age 65. But it’s a moot point now that your wife is age 65. So now, you can use money from that HSA account to pay for both of your Part B premiums — but NOT for Medicare Supplement premiums!
There is a short list of allowable expenses. Please read the two articles below:
https://www.healthline.com/health/medicare/hsa-and-medicare#paying-premiums
Read this article as well: https://smartasset.com/retirement/health-savings-account-hsa-rules-for-spouses
