DID YOU KNOW? YOUR HSA KEEPS WORKING AFTER YOU RETIRE
Retirees cannot contribute to HSAs after enrolling in Medicare – but they can still retain and use the funds in HSAs they previously established. If you don’t use the money in your HSA, you retain it. HSAs are also portable – meaning that when you change jobs or health insurers, you bring your HSA with you – even when you enroll in Medicare.
HSAS COVER YOUR GAPS
Original Medicare does not cover everything. Many of the gaps left by Medicare are considered qualifying medical expenses under an HSA. These may include:
- Medicare Parts A, B, D premiums
- Medicare HMO premiums (however premiums for a Medicare supplemental policy, such as Medigap are not eligible expenses)
- Long-term care insurance
- Long-term care services
- Dental care
- Vision care
- Hearing aids
YOU MAY BE ABLE TO DELAY MEDICARE TO MAXIMIZE YOUR HSA CONTRIBUTIONS
Late enrollment in Medicare can result in hefty penalties. However, if you receive qualifying health insurance through an employer with 20 or more employees, you may be able to delay Medicare enrollment and Social Security benefits without a penalty. This delay would allow you to continue making contributions to your HSA.
