Health Savings Accounts (HSA) and Medicare. Careful!

The Transition to Medicare Podcast

Confused about whether or not you can continue to fund your Health Savings Account if you enroll into Medicare? You're not alone. Listen in as we explain some of the basic do and don'ts.
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Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states: AZ, CA, FL, IL, IN, KY, MI, MD, NC, OH, PA, SC, TX If we do NOT work in your state, we can refer to agents that we know, like & trust across the country. Fill out the form linked to our map.
Check out our website at https://gmedicareteam.com/
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Helpful links:
Opting out of Part A: https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/FS3-Enroll-in-Part-A-and-B.pdf

Part A retro 6 months: https://www.medicare.gov/basics/get-started-with-medicare/sign-up/when-does-medicare-coverage-start

Partial year HSA contributions: https://www.benstrat.com/downloads/HSA-GPS_HSAs-and-Partial-Year-Eligibility.pdf

Excess HSA contributions: https://www.benstrat.com/hsa-faq-excess-contributions/#:~:text=To%20remove%20excess%20contributions%2C%20complete,HSA%20Distribution%20Request%20form%20instead.

More HSA excess contributions: https://dpath.com/hsa-excess-contributions/#:~:text=Generally%2C%20the%20IRS%20penalty%20equals,contribution%20remains%20in%20your%20account

What HSA funds can be used for: https://www.irs.gov/pub/irs-pdf/p502.pdf

What HSA funds can be used for when you are enrolled in Medicare: https://www.optum.com/content/dam/optum/consumer-activation/unknown/HSA_and_Medicare.pdf

Using an HSA after age 65 for non-qualified expenses: https://hsastore.com/learn-future-healthy-hsa-age-65.html