Frequently Asked Questions
What is Original Medicare
Original Medicare includes Medicare Part A and B. Medicare Part A helps cover hospital stays and inpatient care and Medicare Part B helps cover doctor visits and outpatient care. You will receive a red, white and blue Original Medicare card when you first sign up for Original Medicare
Do I HAVE to sign up for Medicare when I turn 65?
Maybe! It depends on the size of your employer and whether your insurance is considered creditable by Medicare. Even if you can stay on your employer's insurance coverage, it's always worth comparing Medicare to any creditable coverage you have.
Can I use my HSA funds to pay for Medicare?
After you turn 65, you can use HSA money tax-free to pay premiums for Medicare Parts B, C (Medicare Advantage) and D. You can also pay for out-of-pocket medical expenses such as deductibles, co-pays, and co-insurances. You CANNOT use HSA funds to pay Medicare Supplement (Medigap) premiums.
Can I continue contributing to my HSA account if I sign up for Medicare?
No, Medicare (even just Part A) is not compatible with HSA contributions. You (and your employer) must stop contributing prior to going on Medicare A or B. You may have to stop contributing up to 6 months prior to starting Part A if you are over 65. You also must prorate the annual contribution (and catch-up) when you go on Medicare mid-year.
Who is eligible for Medicare?
An individual may be eligible for Medicare based on any one of the following:
• Age 65 or older
• Younger than 65 with a qualifying disability
• Have a diagnosis of end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS, also called Lou Gehrig's disease) at any age
• Age 65 or older
• Younger than 65 with a qualifying disability
• Have a diagnosis of end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS, also called Lou Gehrig's disease) at any age