Can I Contribute to HSA If I'm on Medicare Plan?

If you're on a Medicare plan, you cannot contribute to a Health Savings Account (HSA). Medicare is a government health insurance program primarily for individuals aged 65 and older, as well as younger people with certain disabilities. HSAs are designed to work with high-deductible health plans (HDHPs), which are not typically compatible with Medicare.

Here are some key points to note:

• Medicare beneficiaries are not eligible to open new HSAs.
• If you already have an HSA before enrolling in Medicare, you can keep the account, but you cannot contribute to it while on Medicare. You can, however, use the funds for qualified medical expenses tax-free.
• If you're planning to enroll in Medicare soon, consider maximizing your HSA contributions before you become eligible for Medicare benefits.

Once you enroll in a Medicare plan, it's important to note that you cannot contribute to a Health Savings Account (HSA) anymore. Medicare primarily serves those aged 65 and over, along with younger individuals with certain disabilities, which does not align with the requirements for HSAs that are typically paired with high-deductible health plans (HDHPs).