Can I Contribute to an HSA in the Months Before I Qualify for Medicare?

Yes, you can contribute to a Health Savings Account (HSA) in the months before you qualify for Medicare. An HSA is a tax-advantaged medical savings account for individuals covered under high-deductible health plans (HDHPs) to help pay for out-of-pocket medical expenses. Here are some key points to consider:

• You can contribute to an HSA up until the month you enroll in Medicare. If you enroll before the 1st of the month, your eligibility ends on the last day of the prior month.
• Once you enroll in Medicare, you can no longer contribute to your HSA. However, you can still use the funds in your account for qualified medical expenses tax-free.
• Contributions made to your HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses.
• If you are 55 or older, you can make an additional catch-up contribution to your HSA each year.

It's essential to understand the rules and benefits of an HSA to maximize its potential in managing your healthcare costs. Consult with a financial advisor or healthcare provider to learn more about how an HSA can benefit you.

Absolutely, you can continue contributing to a Health Savings Account (HSA) right up until you qualify for Medicare. This means that if you are still covered under a high-deductible health plan (HDHP), you can take full advantage of this tax-advantaged account for healthcare expenses.