Bill Would Expand HSAs to Medicare Beneficiaries
Jae Oh, author of Maximize Your Medicare, discusses a new bill that would allow Medicare beneficiaries to continue contributing to an HSA (Health Savings Account).
Key Takeaways
- Currently, enrolling in Medicare Part A forces you to stop HSA contributions or face tax penalties and increased income taxes—the proposed bill would eliminate this restriction
- If you're working past 65 with a high-deductible health plan and HSA at your employer, monitor this bipartisan legislation as it could significantly impact your healthcare and tax strategy
- HSA funds can be used tax-free for healthcare costs, making simultaneous Part A enrollment and HSA contributions valuable for working seniors if the legislation passes
- Stay informed about Medicare policy changes as they occur, since modifications can have substantial financial impacts on retirement healthcare planning
Jae Oh, author of Maximize Your Medicare, discusses a new bill that would allow Medicare beneficiaries to continue contributing to an HSA (Health Savings Account).
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