A bipartisan House bill revives past efforts to let individuals on Medicare contribute to health savings accounts, or HSAs, which they currently can’t do.
The bill does come with a tradeoff: It would remove the ability to use HSA withdrawals to pay for Medicare premiums — something that's currently allowed. It also would eliminate penalty-free withdrawals for non-medical expenses in the 65-and-older crowd as now permitted.— up 8% from 2020 — holding an aggregate $98 billion, according to a recent report from investment consultant Devenir.
However, you can only contribute to an HSA if you have a so-called high-deductible health care plan — and Medicare coverage does not fall in that category. Beneficiaries are permitted to use their HSA funds to pay for medical expenses, yet cannot set up a new HSA or contribute to one.continue using their employer's health plan
"A lot more companies are going to high-deductible plans and a lot more people are working longer," said Kathleen Holt, associate director for the Center for Medicare Advocacy."And they're stumbling into these rules around HSAs." The Medicare program does have something similar to HSAs, called medical savings accounts, although they are not broadly used — roughly 5,600 beneficiaries were in health plans that used them in 2019, according to the Kaiser Family Foundation.
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