Can you contribute to HSA if on Medicare?
Yes. Medicare doesn’t offer an HSA qualifying option. You can’t make contributions to your HSA for any months after you enroll in any part of Medicare, even if you’re also covered on an HSA qualifying plan.
What happens to your HSA when you go on Medicare?
If you enroll in Medicare Part A and/or B, you can no longer contribute pre-tax dollars to your HSA. However, you may continue to withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses, such as deductibles, premiums, copayments, and coinsurances.
Can I continue to contribute to my HSA after age 65?
To be able to contribute to an HSA after age 65, you must not enroll in Medicare. If you are not enrolled in Medicare and are otherwise HSA eligible, you can continue to contribute to an HSA after age 65. You are also allowed to contribute the $1,000 catch-up.
What age can you no longer contribute to HSA?
Can I contribute to my HSA if I am age 65 and covered under an HDHP? Yes, you can contribute to your HSA as long as you are an eligible individual and have not enrolled in Medicare Part A, B, or D. Once you enroll in Medicare you may no longer contribute to your HSA.
Can you have too much in your HSA?
But can you overdo your HSA contributions–put more in the account than you’re likely to spend on healthcare costs? The short answer is that it’s unlikely, largely because HSAs have generous features around withdrawals.
Can I pay my wife’s medical bills with my HSA?
You can’t use your HSA to pay for a spouse’s medical expenses that occurred before you were married. But once you are married you can use money in your HSA to cover current medical expenses of a spouse, even if your HSA contributions occurred prior to your marriage.
Can I use HSA for family members not on my insurance?
Can I use my HSA funds for my family members, although I only have insurance coverage for myself? Yes, you can use your HSA to pay the qualified medical expenses for your spouse and dependents, as long as their expenses are not otherwise reimbursed.
Should you max out your HSA?
Why Max Out Your HSA? The tax benefits are so good that some financial planners say to max out your HSA before contributing to an IRA. You don’t pay any taxes upon withdrawal as long as you use the money to pay qualified medical expenses or qualified health insurance premiums if you’re over the age of 65.