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HSA & Medicare

Frequently Asked Questions Regarding Medicare and Health Savings Accounts

As you approach age 65, it is important to understand how your eligibility for Medicare may impact your Health Savings Account. IRA Rules state that once you are enrolled in Medicare, you are no longer allowed to contribute to an HSA. 

If you enrolled in Medicare Part A (not realizing the impact on the use of your HSA)  you may be able to dis-enroll if you act quickly. 

If you have applied for or are receiving Social Security benefits, you are automatically enrolled in Medicare Part A and cannot contribute to an HSA. 

  • If you withdraw/dis-enroll in Part A after turning 65, you are required to pay back all of the money received from Social Security as well as any Medicare benefits paid.
  • If you accidentally enrolled in Medicare Part A and don’t want it, you have a short window of opportunity to withdraw your application for Medicare Part A.  You MAY have up to 12 months after your effective date to withdraw, but we have found that it really depends on who you work with at your local Social Security office.
  • To withdraw your application for Part A, use Form SSA 521 and submit to Social Security.

CMS Reference: For additional information, please scroll down to “Termination of Enrollment”

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