HealthSavings Administrators, a top health savings account (HSA) provider, announced a new partnership with eHealth, Inc., a leading online health insurance marketplace serving the needs of Medicare-eligible consumers nationwide.

Through this new partnership, HealthSavings members qualifying for Medicare will have easy access to plan comparison tools and telephone support from eHealth’s licensed Medicare agents. In addition, they will gain the benefit of a broad selection of leading, brand-name Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans.

eHealth FAQ

What is the purpose of this integration and how does it work?

The purpose is to help accountholders make good choices.  HealthSavings will act as a referral to eHealth, where a customer can purchase Medicare Advantage, Medicare supplement and Part D insurance plans as well as short-term medical and individual medical insurance plans.

Who is eligible to receive the benefits of this integration?

All HealthSavings accountholders qualifying for Medicare are eligible to be referred to eHealth, however not all clients will be eligible for every service offered by eHealth’s insurance providers.

How does this arrangement benefit HealthSavings clients?

HealthSavings wants to support our accountholders through every stage of life. This partnership with eHealth is a step towards continuing to strengthen that bond with our accountholders.  Insurance is an importance piece of consumer-directed healthcare, and HealthSavings’ goal is to help consumers understand, access, and afford, their healthcare.

Where can I find out more about opening a health savings account?

Go to https://healthsavings.com/our-hsa-individuals to learn more about using a health savings account to achieve a happier, healthier future.

Learn more about the eHealth/HealthSavings partnership here.

HSA & Medicare FAQ

How much can I contribute to my HSA before I go on Medicare?

Contribution limits for 2020 are $7,100 (family coverage) and $3,550 (individual coverage), plus the $1,000 catch-up contribution for anyone age 55 or older.

When should I stop making contributions to my HSA?

If you plan to enroll in Medicare less than 6 months after you turn 65, stop making contributions when you turn 65. If you plan to enroll in Medicare more than 6 months after turning 65, stop making contributions 6 months before you plan to enroll in Medicare.

What if I know I’ve already over-contributed to my HSA?

If you know you have already mistakenly over-contributed, complete and submit our Excess Contribution Removal Form prior to filing your taxes and you will not be penalized by the IRS.

Can I pay for Medigap premiums with my HSA?

No. You can use your HSA to pay for Part A, B, D, and Medicare Advantage Plan premiums, but not Medigap.

What if I enroll in Medicare in the middle of the year?

If you enroll mid-year, you’re still eligible to contribute to your HSA but you will need to adjust your contribution limit based on the number of months you are not enrolled in Medicare.

For example, if you have a single high deductible health plan (HDHP) and enroll in Medicare on October 1, 2020, you may contribute up to 9/12th of the annual contribution limit for the 9 months you weren’t enrolled in Medicare ($3,550 x 9 / 12 = $2,662.50). If you wish to contribute the $1,000 catch-up contribution since you are over age 55, this should be prorated as well ([$3,550 + $1,000] x 9 / 12 = $3,412.50). If applicable, be sure to stop or adjust employer contributions or any other automatic contributions.

What else should I do as I prepare to go on Medicare?

We recommend contributing as much to your HSA as you can before enrolling in Medicare while you’re still eligible. You can also make sure your beneficiaries are up-to-date by logging into your online account and clicking My Profile.

Have more questions?

You can find complete IRS guidelines about Medicare and HSAs on pages 6, 8, and 9 of IRS Publication 969 or feel free to contact us at (888) 354-0697 or AskUs@HealthSavings.com.