What Happens if You Contribute to an HSA While on Medicare?

Many people wonder what happens if they contribute to a Health Savings Account (HSA) while on Medicare. Here's what you need to know:

When you enroll in Medicare, you are no longer eligible to contribute to an HSA. However, you can still use the funds that are already in your HSA towards qualified medical expenses.

It's important to note that if you continue contributing to an HSA while on Medicare, you may face tax penalties. It's essential to be aware of the rules and regulations surrounding HSAs and Medicare to avoid any potential issues.

Many individuals approaching retirement often wonder what happens if they contribute to a Health Savings Account (HSA) while enrolled in Medicare. The key point to remember is that once you enroll in Medicare, you can no longer make contributions to an HSA.