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: EECU will never contact you and ask for personal or account information. If you are concerned about a call, text, or email you have received, contact us at (817) 882-0800.
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HSAs and Medicare
Health Savings Accounts (HSAs) are accounts for individuals and families with high-deductible health plans (HDHPs). Funds contributed to an HSA are not taxed nor when taken out, as long as they are used to pay for qualified medical expenses. To qualify to put money into an HSA, you must be enrolled in a high-deductible health plan. HDHPs have large deductibles that members must meet before receiving coverage.
If you enroll in Medicare, you can no longer contribute to your HSA. This is because to contribute to an HSA you cannot have any health insurance other than an HDHP. However, you may continue to withdraw money from your HSA after you enroll in Medicare to help pay for qualified medical expenses.
If you decide to delay enrolling in Medicare, make sure to stop contributing to your HSA at least six months before you do plan to enroll in Medicare. This is because when you enroll in Medicare Part A, you receive up to six months of retroactive coverage. If you do not stop HSA contributions at least six months before Medicare enrollment, you may incur a tax penalty.
For tax-related information about HSAs, Medicare and your personal situation, consider speaking with a tax professional.
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