Seniors' Health Savings: Medicare Part A Holders Can Contribute to HSAs
This proposed bill aims to allow individuals entitled to Medicare Part A (hospital insurance) to contribute to Health Savings Accounts (HSAs). Currently, this is not permitted, limiting flexibility in managing healthcare expenses for seniors. If enacted, older individuals could benefit from the tax advantages of HSAs, potentially helping to cover medical costs.
Key points
Individuals entitled to Medicare Part A due to age will be allowed to contribute to Health Savings Accounts (HSAs).
The changes will apply to months beginning after December 31, 2023.
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