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).