Question for the Money Doctors
Question submitted on Mar 9, 2011.
QuestionI will be turning 65, August 2011 and would like to continue contributing to my HSA. I will NOT be receiving Social Security payments for at least another year or several years. Can I NOT enroll in Medicare Part A this year and be allowed to enroll in a year or two?
You can certainly can decline the Medicare Part A coverage. However, if your current health plan is not an employer sponsored group plan where your employer contributes to your savings account, would you consider enrolling in Part A & using funds already in your HSA to pay any expenses medicare does not cover? In addition, if your current plan is not a group plan, you may be subject to a penalty for late enrollment in Medicare Part B.
For additional information visit http://www.360financialliteracy.org/