Can i have medicare and add to a health savings account?

Yes, but you can’t _contribute_ to a health savings account (HSA) after you enroll in Medicare. You can use money you’ve accumulated tax-free in an HSA for eligible medical expenses at any

time. After you turn 65, you can even withdraw money tax-free from an HSA to pay your Medicare premiums. An HSA is a tax-advantaged way to save for out-of-pocket medical expenses. Your

contributions are tax deductible if you set up your own account, and they’re pretax — lowering your taxable income — if made through an employer plan. The money grows tax-deferred in the

account and you can withdraw it tax-free for eligible health care expenses during any year. In 2024, you can contribute to an HSA if you haven’t enrolled in Medicare and you have an

HSA-eligible health insurance policy with a deductible of at least $1,600 for yourself only or $3,200 for family coverage. You’re eligible for an HSA if you get the insurance through your

employer or on your own. In 2024, you can contribute up to $4,150 if you have self-coverage or up to $8,300 for family coverage — plus a $1,000 catch-up contribution if you’re 55 or older.

You have until the tax filing deadline to contribute, which is April 15, 2025, for 2024 contributions. WHEN SHOULD I STOP CONTRIBUTING TO MY HSA? If you haven’t yet enrolled in Medicare and

have an HSA-eligible insurance policy, you can contribute at any time. However, after you sign up for Medicare, you can’t make new contributions, nor can your employer add to your HSA. You

must stop contributing to an HSA beginning the first month you’re enrolled in Medicare Part A or Part B, even if you also have a high-deductible health insurance policy through work. If you

enroll in Medicare midyear, you may be able to make prorated contributions based on the number of months you had eligible health insurance before your Medicare took effect. For example, if

your Medicare coverage starts July 1, you can make half the year’s contribution to the HSA. If you’re 55 or older in 2024, that means you can contribute up to $2,575 for the year if you have

single coverage or $4,650 for family coverage.