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What is Medicare-Question
Should I continue to contribute to an HSA until I enroll in Medicare?


Answer to What is Medicare question
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 who enrolling in Medicare after reaching full retirement age, Part A enrollment can be retroactive up to six months. HSA contributions should stop six months before the effective date of Medicare coverage. 

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Last updated: 08-29-2018