Can I Change My HSA if I am Now on Medicare?

If you are now on Medicare, you may be wondering if you can still change your Health Savings Account (HSA). The good news is that you can make changes to your HSA even if you are enrolled in Medicare. Here's what you need to know:

Medicare eligibility does not prevent you from having or contributing to an HSA. However, there are some restrictions and rules to keep in mind when it comes to making changes to your HSA once you are on Medicare:

• While you can no longer contribute to your HSA once you are enrolled in Medicare, you can still use the funds in your existing HSA account for qualified medical expenses tax-free.
• You can also continue to roll over your HSA funds to another HSA provider if you wish to change the financial institution managing your account.
• It is important to note that if you decide to switch to a Medicare Advantage plan that includes prescription drug coverage, you will no longer be able to contribute to your HSA. However, you can still use the funds for qualified medical expenses.

Changing your HSA provider or making adjustments to your account while on Medicare may have certain implications, so it's always a good idea to consult with a financial advisor or tax professional to ensure you are making the best decisions for your healthcare savings.

Are you on Medicare and wondering if you can still make changes to your Health Savings Account (HSA)? Great news — you can! However, there are some key points to remember. Even though you can no longer contribute to your HSA after enrolling in Medicare, you still have access to your account to pay for qualified medical expenses tax-free. Additionally, if you want to transfer your funds to a new HSA provider, that’s also perfectly allowable.