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Belief 14
“I can keep adding money to my health savings account after I enroll in Medicare.”
True or false?
Correct!
Not quite.
Once you are enrolled in any part of Medicare, including premium-free Part A, new HSA contributions are not allowed. The money already in the account stays yours and can pay for medical costs, including Medicare premiums. One trap: when you sign up for Part A after 65, coverage is backdated by up to six months, so contributions should stop about six months before you apply.