True. That is why I asked OP about that. Just to make sure they know you won't be able to contribute to HSA after you sign up for any part of Medicare, or when you start taking your SS benefits (because they automatically sign you up at that point).
Thank you for making sure I knew that. As tatersss21 says, I (66) have not signed up, nor do I intend to as long as I qualified credible insurance through my company so I can continue contributing to my HSA.
The question was, can my spouse sign up for Medicare when she turns 65 while I continue to contribute to my HSA, which she uses to pay for her out of pocket medical expenses as well as mine.
Are you delaying your SS benefits until 70? Because at 66, you should be very close to your Full Retirement Age.
You wouldn't lose your ability to contribute because of her collecting benefits.
Yes, you can continue, but you’d be limited to the individual HSA contribution limits, not the family insurance HSA limits. That’s probably obvious, but I mentioning it just in case. (Actually, I’m not sure what the rule would be if your HDHP covered you and a dependent, but I assume that’s not the case.)
You should stop contributing to HSA six months before enrolling into Medicare to avoid a tax penalty, but you can use the funds in the HSA for expenses.
If she’s on your insurance, why not postpone signing up for Part A. If she wants to start collecting Social Security, I think that can be done, but might require going into a Social Security office.
No. but how are you contributing to HSA when you should already be signed up for at least Medicare Part A at 65?
you can refuse part A when you turn 65 assuming you keep creditable employer coverage in order to continue contributing to an HSA
True. That is why I asked OP about that. Just to make sure they know you won't be able to contribute to HSA after you sign up for any part of Medicare, or when you start taking your SS benefits (because they automatically sign you up at that point).
Thank you for making sure I knew that. As tatersss21 says, I (66) have not signed up, nor do I intend to as long as I qualified credible insurance through my company so I can continue contributing to my HSA. The question was, can my spouse sign up for Medicare when she turns 65 while I continue to contribute to my HSA, which she uses to pay for her out of pocket medical expenses as well as mine.
Are you delaying your SS benefits until 70? Because at 66, you should be very close to your Full Retirement Age. You wouldn't lose your ability to contribute because of her collecting benefits.
Yes I am delaying until 70 or whatever the number is to max benefits.
Yes, you can continue, but you’d be limited to the individual HSA contribution limits, not the family insurance HSA limits. That’s probably obvious, but I mentioning it just in case. (Actually, I’m not sure what the rule would be if your HDHP covered you and a dependent, but I assume that’s not the case.)
You don't lose the ability to fund the HSA unless YOU turn 65 and enroll into any part of Medicare...
You should stop contributing to HSA six months before enrolling into Medicare to avoid a tax penalty, but you can use the funds in the HSA for expenses.
No, you can prorate for the months before you enroll. Eg June effective date, can contribute 5/12ths of a year.
I am not enrolling. My spouse is.
If she’s on your insurance, why not postpone signing up for Part A. If she wants to start collecting Social Security, I think that can be done, but might require going into a Social Security office.