The IRS has set qualifying requirements to enroll in a health savings account, such as:
- You must be enrolled in a qualified high-deductible health plan.
- You must not have other medical coverage.
- You must be 18 or older
- You cannot be enrolled in Medicare
- You cannot be claimed as a dependent on someone else's tax return.
- You cannot be enrolled in a health care flexible spending account (FSA) or a health reimbursement account (HRA)
Individuals reaching the age of 65 and who are NOT enrolled in Medicare can have an HSA and contribute to it. Individuals enrolled in Medicare, cannot have an HSA. If Medicare enrollment is completed mid-year, the cardholder can continue using the HSA funds, but will lose the ability to contribute to the account. It is your responsibility to notify the university if you enroll in Medicare and are no longer eligible for an HSA.
For further questions on Medicare and the HSA, please contact PNC Customer Service at 844-356-9993.
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