Question for the Money Doctors
Question submitted on Jan 10, 2020.
QuestionI was on SSDI and was receiving Medicare Part A and Part B. I have gone back to work full time and no longer receive SSDI payments. I am also no longer covered by Medicare Part B. Social security says I can't drop Medicare Part A until I am past my extended eligibility period. However, my only health insurance options from work are high deductible plans. Can I contribute to an HSA given I still have Part A?
If you enroll in Medicare Part A and/or B, you can no longer contribute pre-tax dollars to your HSA. ... However, you may continue to withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses, such as deductibles, premiums, copayments, and coinsurances. Also, once your eligibility period ends, you can start to make HSA contributions again. Remember you have until April 15 to max out your HSA for the prior year.
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