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I am turning 65 soon and will enroll in Medicare at that time. How much can I contribute to my HSA for the year?
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- I am turning 65 soon and will enroll in Medicare at that time. How much can I contribute to my HSA for the year?
- Once you (as the account holder) are enrolled in Medicare you must pro-rate the contributions for the year that coverage begins. Medicare coverage will begin on the first of the month in which you turn 65. In this case you would take the allowed contribution for the year (including any catch-up contribution) and divide by 12. For example, if you turn 65 in April, you are eligible to contribute from January to March and can multiply the monthly amount by three to get your maximum allowed contribution amount.