Can I have HSA and Medicare?

If you're wondering whether you can have both a Health Savings Account (HSA) and Medicare, you're not alone. Many people are curious about the rules and regulations surrounding these two healthcare options. Let's dive into the details to provide you with a clear understanding.

Firstly, it's important to note that having an HSA and Medicare at the same time is possible, but there are some eligibility criteria to consider. Here's what you need to know:

• Eligibility for an HSA: To qualify for an HSA, you must be enrolled in a High Deductible Health Plan (HDHP) and not be enrolled in Medicare.
• Medicare Eligibility: You become eligible for Medicare at the age of 65 or earlier if you have certain disabilities.
• Enrollment in Medicare: Once you enroll in Medicare, you can no longer contribute to your HSA, but you can still use the funds already in the account for eligible medical expenses.
• Medicare Part A and Part B: If you have Medicare Part A and/or Part B, you are no longer eligible to contribute to an HSA.
• Medicare Advantage (Part C) and Prescription Drug Plans (Part D): Enrolling in these plans does not disqualify you from having an HSA.

So, in summary, while you can have both an HSA and Medicare, there are certain restrictions and considerations to keep in mind based on your specific circumstances.

If you're currently enrolled in a Health Savings Account (HSA) and are considering transitioning to Medicare, it's crucial to understand how these two can coexist. While you can’t contribute to your HSA after enrolling in Medicare, you can still utilize existing funds for eligible medical expenses.