Can I Continue to Contribute to My HSA After Age 65?

As you approach the age of 65, you may be wondering about the rules surrounding your Health Savings Account (HSA) contributions. The good news is that yes, you can continue to contribute to your HSA after age 65, as long as you meet certain criteria.

Here are some key points to consider:

• Once you enroll in Medicare, you can no longer contribute to your HSA, as Medicare is considered disqualifying health coverage.
• If you delay enrolling in Medicare and are still covered by a high-deductible health plan (HDHP), you can continue contributing to your HSA.
• If you are 65 or older, you can make catch-up contributions to your HSA, allowing you to contribute additional funds beyond the annual limit.
• After turning 65, you can use HSA funds for non-qualified expenses without penalty, although you will owe income tax on the withdrawn amount.

Overall, knowing the rules and options available for your HSA after age 65 can help you make informed decisions about your healthcare savings. Consult with a financial advisor or tax professional to navigate the complexities and maximize the benefits of your HSA.

As you approach 65, it's essential to understand how your Health Savings Account (HSA) can work for you. You can continue contributing to your HSA if you remain enrolled in a high-deductible health plan, and knowing your options can help you optimize your savings.