HSA account used to pay Medicare premiums ?
I was told by Medicare that I cannot change my Medicare premium payments to come from HSA. They said they cannot separate the Medicare bank account from the social security bank account. They said the social security benefit and Medicare premium bank account must be the same. Is this your understanding?
Permalink Submitted by Alan - IRA critic on Thu, 2021-04-22 18:47
I think this is their way of stating the once you receive SS benefits, the Medicare Part B premium will automatically be deducted from the SS benefit. If you want to reimburse yourself directly out of your HSA for the Medicare deducted from SS, you can on your own schedule. Perhaps if you are not yet receiving SS benefits, Meducare would agree to deduct from your HSA, but an not sure.
Permalink Submitted by Gil Shifrin on Thu, 2021-04-22 20:28
Thanks. Unfortunately when I started Medicare I did not think of using my HSA account. About 5 years later I started my SSN benefit. It would be great that when you are in retirement you can use HSA monies to pay eligible medical expense of Medicare premiums. Maybe down the road Medicare could stop automatically deducting medicare premium from SSN and allow HSA monies pay for premiums.