Can I Add More Money to My HSA After I Turn 65?

Yes, you can continue to add more money to your Health Savings Account (HSA) even after you turn 65. HSAs offer flexibility and benefits that can be of great help during retirement and beyond. Here's what you need to know about contributing to your HSA after reaching 65:

• Once you enroll in Medicare, you can no longer contribute to your HSA since Medicare is not compatible with HSA contributions.
• If you delay enrolling in Medicare and are still covered by a high-deductible health plan, you can continue making contributions to your HSA.
• Once you turn 65, you can use the funds in your HSA for any purpose, not just qualified medical expenses, without penalty. However, if used for non-medical expenses, the withdrawals will be subject to income tax.
• Contributions to your HSA can be made anytime during the year before the tax deadline, generally April 15 of the following year.
• For individuals 55 and older, there is an additional catch-up contribution allowed each year.

Overall, an HSA can be a valuable savings tool for healthcare expenses in retirement, allowing you to continue contributing and utilizing the funds even after turning 65.

Absolutely! After reaching the age of 65, you still have the option to add funds to your Health Savings Account (HSA), allowing you to bolster your financial health as you approach retirement.