If You Have an HSA...

*Resources referenced are from Medicare.gov. We are not affiliated with any government agency. Last accessed Feb 2022

To Avoid HSA Penalties:

  • You need to stop your contributions prior to your 65th birth month or you could trigger tax penalties.

  • If you are working for an employer with more than 20 employees and wish to continue contributing to an HSA, you must NOT enroll in Part A and/or Part B of Medicare. If you wish to enroll in Medicare, you need to stop contributing to the HSA at least 6 months prior to your Medicare enrollment. 

  • If you are working for an employer with less than 20 employers, you need to enroll into Medicare Part A and Part B and discontinue your HSA contributions prior to your 65th birth month.

For additional information, fill out this form or call us at 601-962-4428.

 

NOTE: If you qualify for premium-free Part A, your coverage will go back (retroactively) up to 6 months from when you sign up. So, you should stop making contributions to your HSA 6 months before you enroll in Part A and Part B (or apply for Social Security benefits, if you want to collect retirement benefits before you stop working).