Can I Add Money to My HSA if I'm Over 65? - Understanding HSA Contribution Rules for Seniors

If you are over 65, you may wonder whether you can continue adding money to your Health Savings Account (HSA). The answer is yes, you can still contribute to your HSA even after reaching the age of 65, but with some considerations.

When you turn 65 and become eligible for Medicare, you can still contribute to your HSA if you meet the following criteria:

• You are not enrolled in Medicare Part A or Part B.
• You are not receiving Social Security benefits.

If you meet these criteria, you can continue contributing to your HSA. However, there are some limitations to be aware of:

• If you are enrolled in Medicare, you cannot make contributions to your HSA.
• If you are receiving Social Security benefits, you cannot contribute to your HSA.
• Once you enroll in Medicare, you can no longer contribute to your HSA, but you can still use the funds in your account for qualified medical expenses tax-free.

It's important to understand the rules regarding HSA contributions for seniors to make informed decisions about managing your healthcare expenses. While there are limitations for those enrolled in Medicare, there are still ways to benefit from your HSA even after turning 65.

As you step into your golden years, you might be asking yourself if contributing to your Health Savings Account (HSA) is still an option. The good news is that, if you're over 65, you can still contribute to your HSA as long as you meet certain requirements.

To continue making contributions after 65, you should ensure that you are not enrolled in Medicare Part A or Part B and that you are not receiving Social Security benefits. As long as you meet these criteria, your HSA can be a valuable tool for managing healthcare costs.