Can I Contribute to an HSA After Turning 65?

Turning 65 is a significant milestone for many individuals as it marks their eligibility for Medicare. One common question that arises during this time is whether one can continue contributing to a Health Savings Account (HSA) after reaching this age.

HSAs are tax-advantaged accounts designed to help individuals save for medical expenses both now and in the future. They offer numerous benefits, such as tax-deductible contributions, tax-free withdrawals for qualified medical expenses, and the ability to grow funds tax-free.

When it comes to contributing to an HSA after turning 65, here are some key points to consider:

• Once you enroll in Medicare, whether Part A, Part B, or both, you are no longer eligible to contribute to an HSA.
• If you delay enrolling in Medicare and continue working past the age of 65, you can still contribute to your HSA as long as you are covered by a high-deductible health plan (HDHP).
• If you are no longer covered by an HDHP but have funds in your HSA, you can still use those funds tax-free for qualified medical expenses.
• It's essential to understand the rules and limitations surrounding HSAs to make the most of this valuable savings tool.

While contributing to an HSA after turning 65 may not be possible for everyone, there are still ways to utilize the funds accumulated in the account for medical expenses during retirement.

Turning 65 can raise many questions about health plans, especially regarding Health Savings Accounts (HSAs) and their contributions. Understanding how Medicare impacts your HSA allows you to maximize these benefits during retirement.