Can You Have Funds in an HSA When Enroll in Medicare?

Are you wondering if you can have funds in a Health Savings Account (HSA) when you enroll in Medicare? Let's explore this common question that many individuals have as they navigate their healthcare options.

When you are enrolled in Medicare, you can no longer contribute to an HSA. However, if you had funds in your HSA before enrolling in Medicare, you can still use those funds for qualified medical expenses tax-free.

It's important to note that while you can't contribute to an HSA once you're on Medicare, you can continue to withdraw funds from your existing HSA to pay for eligible medical costs. This can be a valuable resource to help cover healthcare expenses in retirement.

Are you contemplating how Medicare affects your Health Savings Account (HSA)? You might be surprised to learn that while you can't add money to your HSA after enrolling in Medicare, any funds already accumulated in your account remain available for use.