Is an HSA Allowed with Medicare Part A?

Many people wonder if they can have a Health Savings Account (HSA) while enrolled in Medicare Part A. The good news is that yes, you can have an HSA even if you have Medicare Part A coverage. However, there are certain rules and considerations to keep in mind when it comes to using an HSA alongside Medicare.

Medicare Part A typically covers hospital expenses, so having an HSA can still be beneficial for covering other healthcare costs such as prescription drugs, doctor's visits, and medical supplies that are not fully covered by Medicare.

Here are some key points to note when using an HSA with Medicare Part A:

• You cannot contribute to an HSA once you are enrolled in Medicare. This means that if you already have an HSA before enrolling in Medicare, you can continue to use the funds in your account, but you cannot make new contributions.
• If you are still working and have employer-sponsored health coverage along with Medicare, you may be able to continue contributing to your HSA. This is known as having a
  

  Many people are left wondering about the compatibility of a Health Savings Account (HSA) with Medicare Part A. The short answer is yes, you can hold onto an HSA while enrolled in Medicare Part A! However, to maximize its benefits, it's essential to understand some rules regarding contributions and usage of these funds.