HR & Compliance

  • HSA Withdrawals after Age 65 by

    Posted on: February 5, 2015Categories: HR & Compliance

    Before age 65, the money in an HSA can only be used tax-free for qualified medical expenses. If you withdraw your HSA funds for anything else, the money will not only be taxed, but you will also pay a 20 percent penalty fee. After age 65, the rules regarding use of your HSA funds change in the following ways: Health insurance premiums - You can use your HSA funds tax- and penalty-free to pay premiums for employer-sponsored health coverage or for Medicare. Nonmedical retirement expenses – A ...

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  • Effects of Medicare on HSA Eligibility by

    Posted on: February 3, 2015Categories: HR & Compliance

    At age 65, you become eligible for Medicare and may be automatically enrolled. Enrolling in Medicare ends your HSA eligibility in one of two ways: If Medicare is your only health insurance, you are no longer eligible to contribute to an HSA because Medicare is not an HDHP. If you have Medicare as secondary coverage in addition to an employer-sponsored HDHP, you will also lose HSA eligibility because you have “other coverage.” When you turn 65 and begin Medicare coverage, you lose HSA eli ...

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  • IRS Releases Figures for Determining Individual Mandate Penalty Cap in 2015 by

    Posted on: February 2, 2015Categories: HR & Compliance

    The Affordable Care Act (ACA) requires most individuals to obtain acceptable health insurance coverage for themselves and their family members or pay a penalty. This rule, which took effect in 2014, is often referred to as the individual mandate. The penalty amount that an individual must pay is capped at the annual national average bronze plan premium. On Jan. 16, 2015, the Internal Revenue Service (IRS) released Revenue Procedure 2015-15 (Rev. Proc. 2015-15), which provides the 2015 monthly n ...

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