My spouse and I are retired, on Medicare and our pension healthcare. I'm wondering if there's any way to set up an HSA in which to save tax-free funds to cover our deductibles, co-pays, etc.? Seems like setting up an HSA to save tax-free for medical costs should be available to everyone.
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There is no way to set up a HSA if you are on Medicare. The HSA law states you must be covered on a Qualified High Deductible Health Plan (HDHP) to set aside tax free HSA dollars. Medicare is not a qualified HDHP.