Personal Finance: Use extra cash to cover retiree health costs

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By richmond.com

With as little as $1,000 — or as much as $100,000 — you can help ensure that you won’t run out of money to pay for health care in retirement.

With $1,000 Contribute to a health savings account.

If you have an eligible health insurance policy — with a deductible of at least $1,300 for self-only coverage or $2,600 for family coverage — you can invest the HSA money, pay for medical procedures out-of-pocket and let the money grow tax-free for future eligible expenses (save your receipts so you can claim the expenses later).

You can’t make new HSA contributions after you enroll in Medicare, but you can use the money you’ve already saved tax-free for Medicare premiums plus out-of-pocket medical and drug costs.

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