Medicare plans are not eligible for a health savings account, and individuals on Medicare cannot open an account, advises Key Bank. Individuals who already have an HSA may not contribute to the account after they enroll in Medicare, states Medicare Interactive.Continue Reading
However, individuals may withdraw funds from an HSA to pay for medical expenses not covered by Medicare, states Medicare Interactive. People can opt to delay enrolling in Medicare to continue contributing to an HSA; however, if they are collecting Social Security benefits, they are automatically enrolled in Medicare when they become eligible.
Some private Medicare providers allow customers to open a similar account called a Medicare Medical Savings Account, as Medicare.gov explains.Learn more about Health Insurance