Old 07-15-2015, 01:32 PM
Senior MemberCaptains Club MemberPLEDGER
Join Date: Aug 2001
Location: West Carolina
Posts: 21,946

Originally Posted by croakerpoker View Post
The kind that you must use it or you lose it is an FSA. An HSA uses a similiar tax code but it is a different type of account.

Think of an HSA as an IRA for medicare expenses. You get a tax deduction for the contribution but the catch is you pay a 10% penalty for any withdrawals on non-medicare expenses.
We have a $4K deductible and are paying the max contribution for 2015 which is $6,650 plus $1,000 for being over 55. Looks like by the time we get to 65 we will have a nice after tax nest egg to start paying the Medicare premiums with.

Joe, here is a simple chart for the deducts and HSA contributions.

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