Common Questions: Rules For Your HSA After Becoming Medicare Eligible | |
Medicare and Your HSA In 2017, over 22 million Americans have a Health Savings Account. Each year that number goes higher and higher as High Deductible Plans become more popular with Individuals and Employers. Once you turn 65 and enroll in Medicare, you can no longer open an HSA or deposit money into it, but what if you already had one with a balance? You don't have to worry about a "Use It Or Lose It" clause. That money can still be used towards out-of-pocket costs! Here are some very common questions about how you can continue to benefit from your HSA and why keeping funds in it for your retirement may be a good idea. Q: Can I still use my HSA funds if I have Medicare coverage? Can I use my HSA to pay for Medicare premiums? A: You can still use your HSA funds if you have Medicare coverage. You may withdraw funds from your HSA at any time, regardless of whether you are eligible to contribute to your HSA. Once you reach age 65, you have more options for using your HSA funds. For