When Must You Stop Contributing to an HSA Medicare?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. However, once you enroll in Medicare, there are some rules regarding when you must stop contributing to your HSA.

When you sign up for Medicare, you are no longer eligible to contribute to your HSA. This includes both Medicare Part A and Part B. Once you enroll in Medicare, you must stop contributing to your HSA to avoid any penalties.

It's important to note that if you delay enrolling in Medicare because you are still working and covered by your employer's health plan, you can continue to contribute to your HSA. However, once you do enroll in Medicare, you will need to stop contributing to your HSA.

Another key point to remember is that if you are receiving Social Security benefits, you will be automatically enrolled in Medicare Part A when you turn 65. This means that you will need to stop contributing to your HSA at that time.

Overall, the general rule is that once you enroll in Medicare, you must stop contributing to your HSA to remain compliant with the regulations. It's essential to be aware of these rules to avoid any penalties or issues with your HSA.

Health Savings Accounts (HSAs) offer a fantastic way to save for medical expenses while reaping tax perks. However, once you enroll in Medicare, it's crucial to understand when you must cease contributions to your HSA to avoid penalties.