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HealthSavings Administrators, a top health savings account (HSA) provider, announced a new partnership with eHealth, Inc., a leading online health insurance marketplace serving the needs of Medicare-eligible consumers nationwide.
Through this new partnership, HealthSavings members qualifying for Medicare will have easy access to plan comparison tools and telephone support from eHealth’s licensed Medicare agents. In addition, they will gain the benefit of a broad selection of leading, brand-name Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans.
The purpose is to help accountholders make good choices. HealthSavings will act as a referral to eHealth, where a customer can purchase Medicare Advantage, Medicare supplement and Part D insurance plans as well as short-term medical and individual medical insurance plans.
All HealthSavings accountholders qualifying for Medicare are eligible to be referred to eHealth, however not all clients will be eligible for every service offered by eHealth’s insurance providers.
HealthSavings wants to support our accountholders through every stage of life. This partnership with eHealth is a step towards continuing to strengthen that bond with our accountholders. Insurance is an importance piece of consumer-directed healthcare, and HealthSavings’ goal is to help consumers understand, access, and afford, their healthcare.
Go to https://healthsavings.com/our-hsa-individuals to learn more about using a health savings account to achieve a happier, healthier future.
Learn more about the eHealth/HealthSavings partnership here.
Contribution limits for 2020 are $7,100 (family coverage) and $3,550 (individual coverage), plus the $1,000 catch-up contribution for anyone age 55 or older.
If you plan to enroll in Medicare less than 6 months after you turn 65, stop making contributions when you turn 65. If you plan to enroll in Medicare more than 6 months after turning 65, stop making contributions 6 months before you plan to enroll in Medicare.
If you know you have already mistakenly over-contributed, complete and submit our Excess Contribution Removal Form prior to filing your taxes and you will not be penalized by the IRS.
No. You can use your HSA to pay for Part A, B, D, and Medicare Advantage Plan premiums, but not Medigap.
If you enroll mid-year, you’re still eligible to contribute to your HSA but you will need to adjust your contribution limit based on the number of months you are not enrolled in Medicare.
For example, if you have a single high deductible health plan (HDHP) and enroll in Medicare on October 1, 2020, you may contribute up to 9/12th of the annual contribution limit for the 9 months you weren’t enrolled in Medicare ($3,550 x 9 / 12 = $2,662.50). If you wish to contribute the $1,000 catch-up contribution since you are over age 55, this should be prorated as well ([$3,550 + $1,000] x 9 / 12 = $3,412.50). If applicable, be sure to stop or adjust employer contributions or any other automatic contributions.
We recommend contributing as much to your HSA as you can before enrolling in Medicare while you’re still eligible. You can also make sure your beneficiaries are up-to-date by logging into your online account and clicking My Profile.
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