Can I Have an HSA While on Medicare?
You can keep an existing HSA and spend the money, but you cannot make new contributions once you are enrolled in any part of Medicare (including Part A).
Frequently Asked Questions
- Can I pay Medicare premiums with HSA money?
- Yes. You can use HSA funds to pay Medicare Part B, Part D, and Medicare Advantage premiums tax-free. You cannot use them for Medigap premiums.
- What happens to my employer's HSA contributions?
- Employer contributions must also stop once you enroll in Medicare. Coordinate with your HR department.
- Should I spend down my HSA before Medicare?
- Not necessarily. HSA money rolls over indefinitely and can be spent tax-free on medical expenses at any age, so keeping a balance can be beneficial.