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Dear Insurance Adviser,
I am 65 and plan on working until age 70. I have health insurance through a large employer and have not applied for any parts of Medicare. My concern is if I apply for Part A, I can no longer contribute to my health savings account. Am I correct on this? If I don’t enroll in Part A now, will I have to pay a penalty down the road? — Gary
Dear Gary,
As illogical as it may seem, my Medicare source says that if you have either Medicare Part A (hospital insurance) or Part B (medical insurance), you can’t contribute anything additional to your health savings account.
So, yes, you are correct. Don’t enroll in Part A yet.
As for late enrollment penalties with Medicare, since Part A is free to virtually all Americans, there is no late enrollment penalty because there is no cost. There is a penalty for enrolling late in Part B, but that penalty is waived if you’re covered in a group insurance program, which, of course, you are.
When you do retire at age 70, be sure to apply for Part A and Part B Medicare about 60 to 90 days in advance of the end of your group insurance coverage. Once you receive your Medicare card showing you have parts A and B, contact an insurance agent specializing in Medicare to arrange supplemental coverage plus Part D prescription drug coverage.
All the best.
Ask the adviser
To ask a question of the Insurance Adviser, go to the”Ask the Experts” page and select “Insurance” from the drop-down box. Read more Insurance Adviser columns.
Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.
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