Can I Keep Making HSA Contributions After Medicare?

Health Savings Accounts (HSA) are a valuable tool for managing healthcare costs, but there are some rules and regulations to navigate, especially when it comes to Medicare. So, can you keep making HSA contributions after enrolling in Medicare?

Once you enroll in Medicare, whether it's Part A, Part B, or both, you are no longer eligible to contribute to your HSA. However, you can still use the funds in your existing HSA to pay for qualified medical expenses tax-free.

Here are some important points to consider about HSA contributions and Medicare:

• Individuals can no longer contribute to an HSA once they are enrolled in Medicare.
• If you delay enrolling in Medicare and continue working past age 65, you can still contribute to your HSA.
• If you already have funds in your HSA before enrolling in Medicare, you can use them for qualified medical expenses.
• After turning 65, you can still make catch-up contributions to your HSA if you are not enrolled in Medicare.
• It's essential to understand the rules and limitations of HSA contributions and Medicare to make the most of your healthcare savings.

While making HSA contributions after enrolling in Medicare is not allowed, there are still ways to maximize the benefits of your HSA. Planning ahead and understanding the rules can help you make informed decisions about your healthcare savings.

Health Savings Accounts (HSA) are an excellent way to manage healthcare expenses, but once you enroll in Medicare, any contributions need to be reconsidered. So what happens to your HSA investments post-Medicare enrollment?