401 K Questions

Does anyone know about taking money off your 401K to pay for surgery?  I am going to check into this for my cosmetic but don't know if they would do it...????

First I know nothing about 401k's but isn't it your money, I mean can't you withdrawl it at any time if you want too, I know my dad had to once and he paid a small fee for it but he was able to get his money out  and he didn't tell them the reason he just listed it as hospital nessary.  My mom had to have a complete hysterictomy (I CAN"T SPELL TO SAVE MY LIFE Please ignore my mistakes) and they had like a $5000 co-fee insurance thing so they had to pay that first and then the insurance company covered the rest of her surgery costs.  Then again I still know nothing other than that and I'm sure all 401k's are different depending on employer... I think. oh well got my 2 cents worth in. Not much help here I know but I keep trying. Hugs

Melinda, You can borrow against your 401K for anything. Just set it up as a personal loan, they really don't ask for a lot of details. You can also select how to pay it back out of your check. This is your money and you shouldn't have a problem with it. Good Luck!!

If you just withdraw the money, you do pay taxes and a penalty. However, if you pull it out to pay medical expenses, you may qualify to have the penalty waived and, of course, you can claim the medical expenses on your taxes if you file long form. That's how I plan on covering my portion of plastics.

you can borrow....that is how I paid my part that the insurance didn't pay. Just call them and you can take up to half. They take it in payment every week and you can spread it out over 1,2, up to 5 years.  Dodie

I took a hardship withdrawal on my 401k to pay for my surgery. I was told by my administrator Federal law ( rules ) requires that you exhaust all other means. In my case I had a loan available on my 401k. So I just took out a $1000 loan.  No more loans available  (one per year). The Administrator approved my withdrawal. I had my money in 3 weeks.