Can an Individual Pay into HSA Up Until They Turn 65?

Many individuals wonder if they can continue to contribute to their Health Savings Account (HSA) up until they reach the age of 65. The answer is yes, as long as they meet certain criteria and are still enrolled in a high-deductible health plan (HDHP).

Here are some key points to consider:

• Individuals can contribute to their HSA up until they enroll in Medicare, which typically happens at the age of 65.
• Contributions to an HSA can be made by the account holder, an employer, or both, up to the annual contribution limit set by the IRS.
• For individuals aged 55 and older, there is a catch-up contribution allowance that allows for an additional contribution each year.
• After reaching the age of 65, individuals can still use the funds in their HSA for qualified medical expenses tax-free, even if they are no longer contributing to the account.

It's important to know that once enrolled in Medicare, individuals are no longer eligible to contribute to an HSA. However, they can use the existing funds in their account for eligible medical expenses.

Yes, individuals can certainly continue to contribute to their Health Savings Account (HSA) until they sign up for Medicare, typically at age 65, provided they remain enrolled in a high-deductible health plan (HDHP).

Remember that contributing to an HSA not only allows you to save for health costs but also lets you grow your savings tax-free, which can be a significant advantage.