Join AARP
Join for Just $16 A Year
- Discounts on travel and everyday savings
- Subscription to AARP The Magazine
- Free membership for your spouse or partner
Message Boards Directory
Welcome to the AARP Discussion Board. Here you can talk with peers about current events ranging from Social Security to caring for your parents to the latest on health care reform. It is also the perfect place to exchange healthy eating recipes and job hunting tips.
These forums are for you to engage and have fun meeting new people. Just remember the community code: Be nice!
Can I set up an HCRA account and use it to pay medical insurance premiums?
False
Medicare & Insurance
Can I set up an HCRA account and use it to pay medical insurance premiums?
Share Medicare dos and don’ts, including eligibility and supplemental insurance.
What's behind the question is really a tax issue. When I was working I had an HCRA account and money was deposited from my 'before tax income' to cover medical expenses. What was in the HCRA was thus
0
Cat:91a4afbf-9555-4e02-b9d3-9eef604476f6Forum:c79f53c3-fa71-4e76-b517-aef042efd7ff
Cat:91a4afbf-9555-4e02-b9d3-9eef604476f6Forum:c79f53c3-fa71-4e76-b517-aef042efd7ffDiscussion:b74856f9-18d0-426d-85ce-65d97c0b7ff6
Forums » Health » Medicare & Insurance » Can I set up an HCRA account and use it to pay medical insurance premiums?
Forums
»
Health
»
Medicare & Insurance
»
Can I set up an HCRA account and use it to pay medical insurance premiums?
|
Can I set up an HCRA account and use it to pay medical insurance premiums?
posted at February 10, 2013 9:27 AM EST
|
Posts: 1
First: February 10, 2013 Last: February 10, 2013 |
What's behind the question is really a tax issue. When I was working I had an HCRA account and money was deposited from my 'before tax income' to cover medical expenses. What was in the HCRA was thus tax free. When working, we usually did not itemize because the personal allowance was greater. However medical costs were also tax free by virtue of them being paid from the 'before tax income'. Now that I'm retired it seems I cannot set up an HCRA. Like most, my wife and I still have sizeable medical expenses. Last year the combined premiums for a Medicare Supplement Plan and for Medicare Part B itself were around $7500. Because itemizing is still less than the personal allowance, but now our medical expenses are taxed! It seems rather one sided that someone who is employed can shelter their medical costs from taxation yet once we retire we lose that ability. Am I missing some technique? David E. |
Forums » Health » Medicare & Insurance » Can I set up an HCRA account and use it to pay medical insurance premiums?
