Can I Put Money in an HSA If I Have Medicare Later This Year?

If you have Medicare later this year, you might wonder if you can still contribute to a Health Savings Account (HSA). The answer to this question depends on your situation and eligibility. Here's what you need to know:

Medicare provides healthcare coverage for individuals aged 65 and older, as well as certain younger individuals with disabilities. When you enroll in Medicare, you are no longer eligible to contribute to an HSA, but there are exceptions:

• If you delay enrolling in Medicare and continue to have high-deductible health insurance coverage, you can still contribute to your HSA until you enroll in Medicare.
• If you have other types of insurance, such as retirement coverage or coverage through a spouse's employer, you may postpone enrolling in Medicare and continue contributing to your HSA.

It's important to note that you cannot make contributions to an HSA for any month in which you are enrolled in Medicare. If you contribute to your HSA after enrolling in Medicare, you may face penalties. Be sure to coordinate the timing of your Medicare enrollment and HSA contributions to avoid any issues.

Are you enrolling in Medicare later this year? If so, you might be wondering how this affects your ability to contribute to a Health Savings Account (HSA). It's key to understand that while Medicare is a crucial healthcare option for many individuals over 65, it can have implications for your HSA contributions.