There is a six-month lookback period (but not before the month of reaching age 65). When enrolling in Medicare after age 65, it is a best practice for workers to stop contributing to their HSA six months before enrolling in Medicare to avoid penalties.

If you have applied for or are receiving Social Security benefits, which automatically entitle you to Part A, you cannot continue to contribute to your HSA.

Once you enroll in Medicare, you're no longer eligible to contribute funds to an HSA. However, you can use existing money in an HSA to pay for some Medicare costs. You'll receive a tax penalty on any money you contribute to an HSA once you enroll in Medicare.

This is because most people paid Medicare taxes while they worked and therefore do not pay a monthly premium for Part A. However, some people may want to consider delaying Medicare Part A until a later date, such as people who contribute to a Health Savings Account (HSA) or those who have to pay a premium for Part A.

If you enroll in Medicare Part A and/or B, you can no longer contribute pre-tax dollars to your HSA. This is because to contribute pre-tax dollars to an HSA you cannot have any health insurance other than an HDHP.

After you turn 65, you can use HSA money tax-free to pay premiums for Medicare parts B and D and Medicare Advantage plans (but not premiums for Medicare supplement policies), in addition to paying for other out-of-pocket medical expenses.

By using your HSA funds after age 65 for medical expenses, Medicare premiums, or long-term care expenses/insurance, you can continue to avoid taxes altogether. Once you turn 65, you can also choose to treat your HSA like a retirement account!

If you and your spouse both have long-term care policies, you can each use money tax-free from your HSA to pay premiums, up to the aged-based maximum for each of you (based on your ages at the end of the year). These limits increase slightly each year for inflation.

The difference between a physical exam and a Medicare Wellness Visit is basically the difference between your doctor focusing on what’s wrong versus on what’s right. Each is important, depending on the situation.

When you’re sick or in pain, you want to get better. A physical exam helps your doctor figure out what the problem is and what needs to be done.

When you’re healthy and feeling good, you want to stay that way. A wellness exam helps your doctor understand what’s working for you and how to best support your continued health and well-being.