Can I Contribute to HSA at Age 70 If I Am Still Working and Signed Up for Medicare Part A at Age 65?

When it comes to Health Savings Accounts (HSAs), there are specific rules and regulations that govern contributions based on various factors such as age, Medicare enrollment, and employment status. If you are still working at age 70 and have signed up for Medicare Part A at age 65, you may wonder if you can continue to contribute to your HSA. Let's dive into this scenario to provide you with a better understanding.

According to the IRS guidelines, individuals who are enrolled in Medicare are no longer eligible to contribute to an HSA. However, there are exceptions to this rule:

• If you are enrolled only in Medicare Part A and still meet the other HSA eligibility criteria, you can continue to contribute to your HSA.
• If you are employed and covered by your employer's high-deductible health plan, you can also continue contributing to your HSA, regardless of your Medicare Part A enrollment.

It's essential to discuss your specific situation with a financial advisor or tax professional to ensure compliance with the rules and maximize your HSA benefits. By understanding the regulations and exceptions, you can make informed decisions regarding your HSA contributions even at age 70.

Have you ever wondered about your Health Savings Account (HSA) contributions at age 70 if you're still working and have enrolled in Medicare Part A? This is a common question among those entering their golden years. While the IRS has established specific rules indicating that enrollment in Medicare typically restricts HSA contributions, it's important to understand the nuances that come into play for those still active in the workforce.