Beacon Medicare

Medicare and HSA

  • If you have an HSA and you will soon be eligible for Medicare, it is important to plan ahead and understand how enrolling in Medicare will affect your HSA.
  • You cannot continue to contribute to an HSA once you have Medicare.
  • If you retire post 65 (post Medicare age), when you enroll in Medicare at retirement, your Medicare effective date will be retroactive by six months. *** You should stop all HSA contributions up to six months prior to retirement if you are Medicare age + six months (age 65 ½)
  • If you do not stop contributing the six months before you apply for Social Security, you may have a tax penalty. The penalty is because you were not supposed to put money into your HSA while you had Medicare.
    Legal Fraud Disclaimer

    Alera Group, Inc. is aware that there are persons fraudulently impersonating our company by using fake internet domains that appear to look like our legitimate services. If you are contacted by someone claiming to work for Alera Group, or any of our partners, please carefully review the email address and domain. If you have a relationship with our company, please contact us directly and not through any information that is provided in such an email. Please be extremely careful in responding to such emails with personal and financial information, sharing passwords, or any other information of value. Alera Group, or any of our partners, will never send ACH instructions via email and thus we strongly recommend that you verify the authenticity of each wire transfer request by calling your Alera Group contact using the number you have previously called.