A new legislative proposal would allow Americans to save for health care in a tax-efficient manner well into their 60s — but it might do more harm than good:
A new legislative proposal would allow Americans to save for health care in a tax-efficient manner well into their 60s — but it might do more harm than good.
The Health Savings for Seniors Act, actions sponsored by Representative Ami Bera, a Democrat from California, would allow Medicare beneficiaries to continue participating in an HSA. But it would also strip beneficiaries the ability to use money in their HSAs toward their Medicare Part B premiums, which is at least $135.50 a month.
The bill would also charge a penalty for any withdrawals used to pay for nonqualified health expenses. In its current form, account holders can use their savings for any purchases after 65, whether they’re for medical purposes or not, and simply pay an income tax on the withdrawal as they would with most other investment accounts. The bill was only introduced in July, and has to pass through the House, the Senate and the president’s desk before it becomes law.
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