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Seniors' Health Savings: Medicare Part A Only Allows HSA Contributions.

This bill allows individuals over 65 who are only enrolled in Medicare Part A to continue contributing to their health savings accounts (HSAs). This means that seniors who are still working and have Medicare Part A will no longer be penalized for saving for future medical expenses. These changes apply to taxable years beginning after December 31, 2020.
Key points
Individuals over 65 with only Medicare Part A can contribute to HSAs.
Facilitates health savings for working seniors.
Changes are effective for tax years starting after December 31, 2020.
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Additional Information
Stop Penalizing Working Seniors Act
Print number: HR 5563
Sponsor: Rep. Latta, Robert E. [R-OH-5]
Process start date: 2021-10-12