Can You Pay Insurance Premiums with HSA Funds?
Laura Adams, MBA
Q. Can money in an HSA (Heath Savings Account) be used to pay premiums for health insurance or life insurance, for instance?
(correction_with_script)
Answer. You can only use HSA funds to pay for the following types of insurance:
- Long-term care insurance
- Health care continuation coverage (such as COBRA)
- Health care coverage while you receive unemployment compensation
- Medicare and other health care coverage if you’re 65 or older.
You’ll find complete information about Heath Savings Accounts in IRS Publication 969opens PDF file .
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About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.