What is the best way to model an RHA account after retirement? This account can be used to pay for qualified medical expenses including LTC premiums and grows and disburses tax free for those expenses. Right now I'm doing it the way suggested in the manual for an HSA, but was wondering if there is a way to model the exact yearly payments for qualified medical expenses plus LTC. Thanks!
@boeingflier I don't have any suggestions that would be better than treating it like an HSA. If anyone else has ideas about this, I would also like to hear them.
Stuat
Thanks Stuart...open to other ideas as well.
I have an additional question about this topic. When I set withdrawal amounts in "Financial Assets/Management" as qualified HSA withdrawals, does Pralana account for these amounts being tax free withdrawals? in other words, does it know not to add the amounts to taxable income? I'm trying to come up with the best method of using my RHA (similar to an HSA) to pay for all medical expenses for as long as it lasts 🙂 Thanks again!
@boeingflier Yes. Qualified HSA withdrawals will not be included in your taxable income; non-qualified HSA withdrawals WILL be included.
Stuart
Excellent thank you Stuart. I saw that they were not included in any of the tabular tables, but just wanted to make sure I wasn't missing anything.
I'm new to Pralana, so keep that in mind. I thought an option to have Medicare A & D premiums automatically withdrawn from an HSA would be a good idea. That way, I don't have to estimate what the annual withdrawal from the HSA will be. A user can add another withdrawal to account for other healthcare expenses.
@cedyathome It is a good idea and is on the enhancement list for Pralana Online. It will not be included in the initial release, though.
Stuart
