Can I Contribute to HSA While on Medicare? Explained

If you're wondering whether you can contribute to a Health Savings Account (HSA) while on Medicare, the answer is no. Once you enroll in Medicare, whether Part A (hospital insurance) or Part B (medical insurance), you are no longer eligible to contribute to an HSA. However, you can still use the funds already in your HSA for qualified medical expenses tax-free, even while on Medicare.

Here are some key points to remember about HSAs and Medicare:

• Once you enroll in Medicare, you cannot contribute to an HSA.
• You can use the funds in your HSA for qualified medical expenses tax-free even after enrolling in Medicare.
• If you delay enrolling in Medicare and continue to work and have a high-deductible health plan, you can still contribute to your HSA.
• It's essential to plan for healthcare costs in retirement, especially if you intend to rely on an HSA for medical expenses.

Are you currently enrolled in Medicare and curious about your Health Savings Account (HSA) contributions? Unfortunately, once you sign up for Medicare, including Parts A and B, you're no longer eligible to contribute to your HSA. However, don’t worry! The funds that you have already accumulated in your HSA can still be utilized tax-free for qualified medical expenses even after you enroll in Medicare.