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HSAs and Medicare’s six-month retroactive rule

More people are electing to remain in the workforce past age 65. When they first become eligible for Medicare, those older workers can face tax penalties for funding a Health Savings Account after 65 if they are not aware of Medicare’s six-month retroactive rule. According to the Center for Medicare Advocacy, workers should stop contributing to an HSA up to six months prior to enrolling in Medicare, as the Internal Revenue Service will consider an individual to have had Medicare coverage during those retroactive months. Read article here…

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