Submitted By: James
Answered: October 7, 2014 8:30 am

I’m turning 65 on April 1, 2015. Can I use a health savings account (HSA) for 2015?

Once you enroll in Medicare (April 1, 2015), you are no longer eligible to contribute to an HSA. You can, however, contribute to an HSA for the months prior to this date (assuming you are covered by a high-deductible health plan for this period). Thus, you can contribute for one quarter of the year (and your dollar limit on your contribution is one fourth the annual contribution limit.

Tags: HSAs, Medicare
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Tax Glossary

Accelerated cost recovery system (ACRS)

A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.

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