Can Someone on Medicare Contribute to a HSA?

For those wondering whether someone on Medicare can contribute to a Health Savings Account (HSA), the answer is no. If you are enrolled in Medicare, you are no longer eligible to contribute to an HSA. However, there are certain situations where individuals on Medicare may already have an existing HSA from when they were eligible, and they can still use the funds in the account for qualified medical expenses.

Here are some key points to consider:

• Individuals must be enrolled in a high-deductible health plan (HDHP) to be eligible to contribute to an HSA.
• Once you enroll in Medicare, you are no longer allowed to contribute to an HSA.
• If you had an HSA before enrolling in Medicare, you can still use the funds for qualified medical expenses tax-free.

Many people wonder if those enrolled in Medicare can still contribute to a Health Savings Account (HSA). Unfortunately, the answer is no; enrollment in Medicare disqualifies individuals from making HSA contributions.