WebFeb 13, 2024 · If an employee elects COBRA, can HSA funds be used to pay for COBRA premiums? A. Yes. The premiums for health care continuation coverage under COBRA are considered an eligible medical … WebCOBRA requires continuation coverage to be offered to covered employees, their spouses, former spouses, and dependent children when group health coverage would otherwise …
Frequently asked questions: HSAs - Optum Bank
WebTo qualify for this unemployment benefit, you must be receiving federal/state unemployment insurance or paying for COBRA or other medical continuation coverage. If so, your health insurance premiums while unemployed are considered qualified medical expenses. In essence, you could contribute to your HSA for six months, lose your job, and use ... WebApr 11, 2024 · -Discuss with COBRA administrator to understand any COBRA administration changes, if they can identify individuals who may be impacted by this change, and how communications will be handled. ... (HDHPs) to provide free or low-cost telehealth services prior to meeting the HDHP minimum deductible to preserve HSA eligibility, ... poly led light
How COBRA Works with Healthcare Benefit Accounts
WebYour HSA is always yours, so you can still spend your HSA money on qualified medical expenses with no federal income taxes or penalties in retirement. Retirement-related … WebJun 6, 2024 · The bank will send you the money, and if there are any earnings from the money (bank interest or investment gains), the HSA bank must also send those to you. You must do this before April 18, 2024. For 2024, when you file your tax return, you will be advised that you have an excess contribution. WebMar 16, 2024 · Skynesher / Getty Images Pay COBRA Premiums Using Your Health Savings Account . If you’re losing your health insurance as a result of leaving your job, you can use the money in your HSA to pay the monthly premiums for COBRA continuation of your health insurance. This is considered a qualified medical expense, so you won’t … shaniel muir talk truth