Can I Fully Fund HSA When I Am Turning 65 This Year and Going on Medicare?

As you approach the age of 65 and become eligible for Medicare, you may be wondering about your HSA (Health Savings Account) contributions. HSA contributions are typically allowed until you enroll in Medicare, which means that you can continue funding your HSA up until that point.

However, once you enroll in Medicare, there are some restrictions on how much you can contribute to your HSA. Here are some key points to consider:

• When you turn 65 and enroll in Medicare, you can no longer contribute to your HSA with pre-tax dollars.
• If you are still working and covered by a high-deductible health plan, you can continue making contributions to your HSA.
• You can still use the funds in your HSA after turning 65 for qualified medical expenses, even if you are on Medicare.
• If you delay enrolling in Medicare and continue working past the age of 65, you can keep contributing to your HSA until you sign up for Medicare.
• Once you enroll in Medicare, you have the option to use your HSA funds to pay for premiums, deductibles, co-pays, and other eligible medical expenses.

It's important to review the specific rules and guidelines regarding HSA contributions and Medicare eligibility to ensure you are taking full advantage of these accounts while maximizing your healthcare benefits.

As you turn 65 this year and prepare for Medicare enrollment, understanding your Health Savings Account (HSA) contributions is crucial. You can continue to fund your HSA until the month you enroll in Medicare, which offers a financial cushion for your healthcare expenses.