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Re: EMPLOYER PAID HSA ?

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IRS rules say that you can’t contribute to an HSA if you’re enrolled in Medicare. You can draw on funds already in the account but you can't add to them. So it’s important to know how you can get around this rule if you have an HSA at work and want to continue working beyond age 65.  Here’s what you can do, according to different situations:

 

If you’re eligible for Medicare but have not filed an application for either Social Security retirement benefits or Medicare, you need do nothing. As long as your employer has 20 or more employees, you have the right to postpone applying for Social Security and Medicare — and therefore can continue to contribute to your HSA — until you stop working. There is no penalty for this delay, , and when your employment ends you’re entitled to a special enrollment period to sign up for Medicare.

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EMPLOYER PAID HSA ?

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  • On Medicare A still working and receive as employer benefit an HSA account. We do NOT contribute to the HSA only the employer does.  Is this allowed by IRS
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Re: Health Savings Account (HSA) Question

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Here's a little PDF that may prove helpful.  https://www.hsaresources.com/pdf/Turning_65.pdf

 

As I understand things, you would not be able to contribute to an HSA while on Medicare.  The HSA though could be used to pay for Part A and B deductibles etc.. I am not an expert on HSA's.

Twitter: @LHIS_Lance

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Re: Health Savings Account (HSA) Question

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I have similar situation.  I will turn 65 next month.  I am working and have an HSA account and health plan.  I enrolled in Medicare Part A (as I was instructed by medicare to do) and plan to continue contributing to HSA account and working and have health insurance.  I was told I cannot do that, but what happens if I do?  I will not be collecting anything from Part A and I would rather not go through the hassle of trying to use my "once in a lifetime" cancellation option from Medicare.

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Re: Health Savings Account (HSA) Question

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In Response to Health Savings Account (HSA) Question:
I turn 65 this year. My question concerns a 3013 HSA contribution. Can I prorate my contribution for the months I'm 64 or via some other formula or am I prevented from participating in the year I turn 65? Thanks!
Posted by Ken168


You may have some options, Ken

If you are working and in a situation where Medicare is secondary (ask your human resources), then you can decline Part A (or cancel if already signed up) and continue your HSA until you reach 70 and Social Security and thus Part A, become manditory.  As a practical matter, Part A is essentially worthless as a secondary benefit with many primary employer plans.
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Health Savings Account (HSA) Question

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I turn 65 this year. My question concerns a 3013 HSA contribution. Can I prorate my contribution for the months I'm 64 or via some other formula or am I prevented from participating in the year I turn 65? Thanks!

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Health Savings Account (HSA) Question

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I turn 65 this year. My question concerns a 3013 HSA contribution. Can I prorate my contribution for the months I'm 64 or via some other formula or am I prevented from participating in the year I turn 65? Thanks!

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