Medicare's Impact on Health Savings Accounts (HSAs)

If you're turning 65, you can still contribute to a Health Savings Account (HSA)...but you have to watch out! This video shows you how to make it happen, and also clears up a few misconceptions about Medicare and HSAs. See more on our blog: bit.ly/medicar...
REFERENCE VIDEO -- When Medicare Part A is Backdated 6 Months
• When Medicare Part A I...
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[@JeanPierreWhite]

Thanks for this video. It answers almost all my questions except one.
I intend to pay the family maximum prior to end of this year because I start Medicare January 1st 2024. That much seems OK. However I think I heard you say that social security can also have tax implications. My wife wants to start social security asap (I will wait until 70). If she does that this year will that cause us to fall foul of the tax penalty if I make further contributions to the HSA? Our last contribution was May this year.

[@andystamas]

If your Medicare Part A is starting 1/1/24, then you cannot contribute to the HSA at all in 2024. Your wife's enrollment in Social Security has no impact on this, as you're the HSA account owner and your Medicare beings 1/1/24. Taxes on Social Security benefits is a whole different animal.