Can I Have an HSA with Only Medicare?

With the rising healthcare costs, many individuals are turning to Health Savings Accounts (HSAs) as a way to save for medical expenses while enjoying tax advantages. However, when it comes to having an HSA with only Medicare, there are some important considerations to keep in mind.

While Medicare beneficiaries are eligible to have an HSA, there are certain restrictions and limitations that apply:

• Medicare Part A and/or Part B enrollment is required to contribute to an HSA.
• Once enrolled in Medicare, you can no longer contribute to your HSA.
• If you delay enrolling in Medicare and continue contributing to your HSA, you may face penalties.

It's essential to understand the rules and regulations governing HSAs and Medicare to make informed decisions about your healthcare savings.

Did you know that some people can maintain an HSA even after enrolling in Medicare, but there are specific guidelines you need to follow? Understanding these guidelines can help you maximize your healthcare savings while enrolled in Medicare.