If you are retiring at the age of 65 ½ or older, to avoid potential tax issues, you want to STOP YOUR HSA CONTRIBUTIONS so that you have 6 months of NO contributions before you FILE FOR MEDICARE. Please keep in mind that the EMPLOYEE and EMPLOYER contributions do appear in the “look-back period”. Please use the chart below as a guide using your retirement month to review when you may need to stop HSA contributions.
See Also
larry-swedroe-5-25-ruleProposed Solution
| Retirement Month | Look Back Period | Proposed Action |
|---|---|---|
| January | July - December | Stop your employee HSA contributions during July-December in Workday. Enroll in Lion Traditional plan during Open Enrollment for retirement year, so employer seed money is not deposited. |
| February | August - January | Stop your employee HSA contributions during August-December in Workday. Enroll in Lion Traditional plan during Open Enrollment for retirement year, so employer seed money is not deposited. |
| March | September - February | Stop your employee HSA contributions during September-December in Workday. Enroll in Lion Traditional plan during Open Enrollment for retirement year, so employer seed money is not deposited. |
| April | October - March | Stop your employee HSA contributions during October-December in Workday. Enroll in Lion Traditional plan during Open Enrollment for retirement year, so employer seed money is not deposited. |
| May | November - April | Stop your employee HSA contributions during November-December in Workday. Enroll in Lion Traditional plan during Open Enrollment for retirement year, so employer seed money is not deposited. |
| June | December - May | Stop your employee HSA contributions for December in Workday. Enroll in Lion Traditional plan during Open Enrollment for retirement year, so employer seed money is not deposited. |
| July | January - June | Enroll in Lion Traditional plan during Open Enrollment for retirement year, so employer seed money is not deposited. |
| August | February - July | Stop your employee HSA contributions for February – July in Workday. |
| September | March - August | Stop your employee HSA contributions for March – August in Workday. |
| October | April - September | Stop your employee HSA contributions for April - September in Workday. |
| November | May - October | Stop your employee HSA contributions for May - October in Workday. |
| December | June - November | Stop your employee HSA contributions for May - November in Workday. |
Please log into Workday through the Worklion portal to stop, start, or change your HSA contributions. Any questions relating to Medicare guidelines, please contact your local Social Security office or your tax advisor.
