Can You Make a Contribution to HSA When Medicare Eligible?

If you are enrolled in Medicare, you cannot contribute to your HSA (Health Savings Account). However, if you were already contributing to your HSA before you enrolled in Medicare, you can still use the funds for qualified medical expenses tax-free, including Medicare premiums, deductibles, copayments, and coinsurance.

It is important to note that once you enroll in Medicare, you are no longer eligible to make contributions to your HSA, regardless of whether you are enrolled in Medicare Part A, Part B, or both.

Medicare eligibility typically starts at age 65, but it can vary based on certain circumstances such as disability or specific medical conditions. If you are approaching Medicare eligibility age, it's essential to plan ahead and consider your HSA contributions before enrolling in Medicare.

Once you become eligible for Medicare, you are no longer able to contribute to your HSA, which can be a significant consideration when planning for your healthcare expenses as you age.