What Can I Use My HSA Funds for After on Medicare?

As you transition to Medicare, it's important to understand how your HSA funds can still be utilized. Even after enrolling in Medicare, you can continue to use your HSA for qualified medical expenses tax-free. This can help you cover healthcare costs that Medicare may not fully pay for, giving you peace of mind in managing your healthcare expenses.

Here are some ways you can still use your HSA funds after being on Medicare:

• Prescription medications
• Dental care, including cleanings, fillings, and braces
• Vision care, such as eye exams, contacts, and glasses
• Hearing aids and batteries
• Long-term care services
• Medical services and equipment

It's important to note that using your HSA funds for non-qualified expenses after turning 65 will incur regular income tax, similar to a traditional IRA or 401(k). However, by using your HSA for eligible medical expenses, you can continue to benefit from its tax advantages even while on Medicare.

Even after enrolling in Medicare, it's crucial to know that your Health Savings Account (HSA) can still serve as a valuable resource. By using your HSA for eligible medical expenses, you maintain its tax-free benefits, which is essential for managing costs not fully covered by Medicare.