William, I am sorry if I gave the impression that I was advocating HSA contributions - as you and others have pointed out, HSA contributions are not allowed once someone joins the Medicare program. My wife and I each contributed to HSAs during our working years and use the HSAs to bridge the larger gap that a Plan F High Deductible policy requires. By doing this, we are able to benefit from the lower premiums associated with a Plan F High Deductible policy, compared with other of the “alphabet soup” policies. In addition, as wtfwjtd points out, we pay our Medicare premiums (but not the Plan F High deductible premium) from our HSA. In sum, my only point is that if one was able to contribute to an HSA prior to Medicare, then the HSA can be used quite profitably in concert with a Plan F High Deductible medigap policy.
I did not see the role of Health Savings Accounts (HSAs) mentioned in any of the comments. Count me in the camp of Traditional Medicare. Since I have an HSA, I am able to subscribe to a Plan F High Deductible policy for my Medicare Supplement. This has the lowest monthly premiums of any of the supplement options. I use my HSA to pay the deductible on the Plan F policy plus any other costs that arise. I wish the government did more to promote the use of HSAs for seniors - they have been a godsend for me and my wife.
Comments
William, I am sorry if I gave the impression that I was advocating HSA contributions - as you and others have pointed out, HSA contributions are not allowed once someone joins the Medicare program. My wife and I each contributed to HSAs during our working years and use the HSAs to bridge the larger gap that a Plan F High Deductible policy requires. By doing this, we are able to benefit from the lower premiums associated with a Plan F High Deductible policy, compared with other of the “alphabet soup” policies. In addition, as wtfwjtd points out, we pay our Medicare premiums (but not the Plan F High deductible premium) from our HSA. In sum, my only point is that if one was able to contribute to an HSA prior to Medicare, then the HSA can be used quite profitably in concert with a Plan F High Deductible medigap policy.
Post: Time to Decide
Link to comment from May 31, 2023
I did not see the role of Health Savings Accounts (HSAs) mentioned in any of the comments. Count me in the camp of Traditional Medicare. Since I have an HSA, I am able to subscribe to a Plan F High Deductible policy for my Medicare Supplement. This has the lowest monthly premiums of any of the supplement options. I use my HSA to pay the deductible on the Plan F policy plus any other costs that arise. I wish the government did more to promote the use of HSAs for seniors - they have been a godsend for me and my wife.
Post: Time to Decide
Link to comment from May 31, 2023