24 October 2018, by Christina Knott, Content Strategist
If you or your spouse are approaching age 65 (or are already age 65) and contributing to an HSA, we want you to be aware that enrolling in Medicare or receiving Social Security benefits ends your eligibility to contribute to a health savings account (HSA).
How you are affected depends on a number of factors, including:
- If you are receiving Social Security benefits or applying for benefits
- When you turn 65
- If you are planning to enroll in Medicare or planning to delay Medicare enrollment
- If you are subject to retro enrollment in Medicare Part A
If you are planning on enrolling in Medicare as soon as you turn 65, you need to stay within the pro-rated HSA maximum contribution limits for the year.
If you are over age 65 and have delayed enrolling in Medicare, you will want to carefully monitor your contributions and should stop contributing up to six months before you plan on enrolling in Medicare to ensure you do not exceed HSA contribution limits.
For detailed information about contribution limits and how they affect individuals in different situations, please review our booklet “CHP: Information about Medicare and HSAs.”
For more detailed information on Medicare enrollment, visit the Medicare website.
If you would like additional information, please contact the Health Services Team at 888-927-7526, Ext. 6002 or email info@ConcordiaPlans.org.