Should I continue to contribute to an HSA until I enroll in Medicare?

There’s no perfect answer for this question...

Once enrolled in Medicare, an individual can no longer contribute to a Health Savings Account (HSA). However, the funds can be used to pay for qualified medical expenses, such as premiums for Medicare Parts B and D, a Medicare Advantage plan, long-term care insurance, and drug copayments.  

Those turning 65 and approaching Medicare enrollment should “guesstimate” how much qualified Medicare expenses will cost and how best to use the HSA. Then decide whether or not continuing HSA contributions until enrolling in Medicare will provide a benefit.

For those over 65, consider suspending HSA contributions six months prior to enrolling in Social Security or Medicare.

• According to the Social Security website, for those enrolling in Medicare after age 65, enrollment can be retroactive up to six months. HSA contributions should stop six months before the effective date of Social Security enrollment.
• There is also a CMS fact sheet that reads, "WARNING: If you have a Health Savings Account (HSA), you should stop making contributions to your HSA six months before you sign up for Part A and Part B in order to avoid a tax penalty."