What considerations should I make if I have a Health Savings Account (HSA) when applying for Medicare?
Having a Health Savings Account (HSA) can be super beneficial, but things get a bit tricky when you become eligible for Medicare. Here are the key considerations to keep in mind:
HSA contributions must stop the first month you’re enrolled in Medicare Part A or B.
If you keep contributing after your Medicare enrollment begins, you could face tax penalties for excess contributions.
Planning Tip:
Stop contributions at least 6 months before applying for Medicare, especially if you’re taking Social Security benefits, which auto-enrolls you in Medicare Part A.
Even though you can’t contribute, you can still:
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