Should I Sign Up for Medicare Part A If I'm Contributing to an HSA?

When considering Medicare Part A enrollment while contributing to a Health Savings Account (HSA), there are a few important factors to keep in mind.

Medicare Part A is typically automatic for individuals turning 65, but if you are still working and contributing to an HSA, you may delay enrolling in Medicare without financial penalty if:

• You are covered under a group health plan based on your current employment.
• Your employer has 20 or more employees.

If either of these scenarios applies to you, you can postpone enrolling in Medicare Part A and continue contributing to your HSA without any issues. However, once you stop working or lose your group health coverage, you will need to enroll in Medicare Part A to avoid any penalties.

It's essential to evaluate your specific situation and understand how Medicare Part A may impact your HSA contributions and healthcare coverage. Consulting with a financial advisor or healthcare specialist can help you make an informed decision.

If you’re approaching age 65 and considering whether to enroll in Medicare Part A while still contributing to your Health Savings Account (HSA), it's important to understand the implications. Typically, Medicare Part A enrollment happens automatically when you turn 65, but if you're still working and making HSA contributions, you might want to think twice before signing up.