Can I Fully Fund My HSA for 2018 Even If I Start on Medicare?

One common question that individuals often have when it comes to Health Savings Accounts (HSAs) is whether they can fully fund their HSA for a particular year, such as 2018, even if they start on Medicare.

The short answer is no, you cannot continue to contribute to your HSA once you are enrolled in Medicare. However, if you had an HSA before enrolling in Medicare, you can still use the funds that are already in the account for qualified medical expenses.

Here are some key points to consider regarding HSAs and Medicare:

• Once you enroll in Medicare, you are no longer eligible to make contributions to your HSA.
• If you had an HSA before enrolling in Medicare, you can still use the funds for qualified medical expenses tax-free.
• It's essential to understand the rules and restrictions regarding HSAs and Medicare to make informed decisions about your healthcare savings.
• Consult with a financial advisor or tax professional for personalized guidance on managing your HSA when transitioning to Medicare.

Many people often wonder if they can fully fund their Health Savings Account (HSA) for a year like 2018 even after beginning Medicare. Unfortunately, the answer is no. Once you enroll in Medicare, you cannot add funds to your HSA. However, any money you had in your HSA before Medicare can still be used for qualified medical expenses without incurring tax penalties.