Current law requires you to stop contributing to a health savings account once you sign up for Medicare.
However, you would not be able to use any of the money to cover Medicare premiums and you'd pay a penalty if you were to use withdrawals for non-qualified medical expenses. At the same time, though, the bill explicitly removes 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, according to people familiar with the bill.
This would be great. Our company mates but I turned 65 and lost mine. I hope they get this done.
i rather have control of my money too.
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