I now am on Medicare and BCBS gap insurance. I've had an HSA for many years mostly for tax purposes, curious if it's still worth having one? I've lowered my income by choice to lower my income tax,
"low income,,low income tax" is my new work ethic. My tax guy is unavailable at the moment.
How good is an HSA for a tax deduction?
Discussion in 'Trucker Taxes and Truck Financing' started by Klleetrucking, Jan 18, 2018.
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The lower your income, the less important any tax-break becomes. If you are healthy or don't go to the doctor for anything less than a heinous chainsaw accident it's a tax-break and a savings plan. With the recent increase in the standard deduction a lot of people are going to see their previous tax break loses any value.
Klleetrucking Thanks this. -
A HSA is a great tax deduction at any tax bracket if you and your family are in good health and don't foresee yourself going to the doctor often. Instead of giving your money over to the insurance company you keep most of it. There are also a few nice strategies of using an HSA in retirement.
kathyegan, Jmans and whoopNride Thank this. -
to add: it is also good for those with chronic health issues By running your expenses through the HSA, your medical bills become a pre-tax expense.
kathyegan and Klleetrucking Thank this. -
Accidental Trucker and Klleetrucking Thank this.
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Just remember an HSA only works in conjunction with high-deductible insurance plans. If you're on Medicare, you won't be eligible to contribute as Medicare is not HDHP. But it is still dollar-for-dollar deduction up to the limit ($3450 single/$6900 family).
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