Q&A: Is it worth it to enroll in a HDHP plan with the HSA for just 1 year?
I am not currently in a high deductible plan (HDHP). I am wondering what your thoughts on my changing to one for this coming year, which will be the last year I’ll be able to put money in an HSA as I turn 65 this coming September and then I’ll be enrolled in Medicare A which precludes me from contributing further to the HSA.
In other words, is it worth my switching for the coming year just to be able to put $4K in an HSA that I could then invest as I chose?
Also, assuming you believe I should change to the high deductible plan this coming yr, would you recommend I stay with the high deductible plan in the future even though I could no longer contribute to my HSA, or whether I should revert back to my current plan
It seems worth it. The HDHP will save you in premiums, and give you some money toward medical expenses, even after you’ve enrolled in Medicare. And, at least you can also get the additional HSA tax benefits for the while that you don’t have Medicare. The investment benefits will continue beyond 65, as well.
I hope this helps!
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