Can I Continue to Contribute to My Employer Sponsored HSA Plan Even After I Turn 65?

Many individuals wonder about the rules surrounding contributing to Health Savings Accounts (HSAs) past the age of 65, especially if they are part of an employer-sponsored HSA plan. The good news is, even after you turn 65, you can still contribute to your employer-sponsored HSA plan!

Here are some important details to be aware of:

• If you are enrolled in Medicare: You can no longer contribute to an HSA once you enroll in Medicare. However, if you delay enrolling in Medicare and continue to work past the age of 65, you can keep contributing to your employer-sponsored HSA.
• Employer Contributions: Even after turning 65, your employer can still contribute to your HSA on your behalf, as long as you are still enrolled in a high deductible health plan (HDHP).
• Spousal Contributions: If your spouse is under 65 and has an HSA-eligible plan, they can also make contributions to the HSA, even if one spouse is over 65.

Remember that HSA contributions made by individuals aged 55 and older can receive catch-up contributions annually. This allows those nearing retirement to boost their HSA savings in preparation for healthcare expenses in retirement.

It's a common misconception that reaching 65 means the end of your HSA contributions. The reality is that as long as you remain employed and maintain enrollment in a high deductible health plan, you can continue contributing to your employer-sponsored HSA plan!