Medicare Holders Can Now Contribute to Health Savings Accounts
This law changes tax rules to allow individuals enrolled in Medicare to contribute money to Health Savings Accounts (HSAs). Previously, having Medicare generally prevented people from contributing to these accounts. This provides a new option for people with Medicare to save for future healthcare costs using a tax-advantaged account.
Key points
If you have Medicare, you can now put money into a Health Savings Account (HSA).
HSAs are a way to save for future medical bills with potential tax benefits.
You cannot use HSA funds to pay your Medicare premiums.
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