HSA Guide
Can I Contribute to an HSA if I am Over 65?
Published May 4, 2022
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Get the appShort answer: Yes—after 65 you can contribute to an HSA, but if you enroll in Medicare you can no longer contribute; tax-free withdrawals for qualified medical expenses remain allowed.
Continuing HSA Contributions After Age 65
Many individuals wonder if they can continue contributing to a Health Savings Account (HSA) after reaching the age of 65. The answer is yes, with some considerations to keep in mind.
After turning 65, you may be pleasantly surprised to learn that you can still contribute to your Health Savings Account (HSA), but there's a key detail to keep in mind regarding Medicare.
Medicare Rules, Withdrawals, Catch-Up
While you can still contribute to an HSA after turning 65, there are a few things to note:
- Medicare: If you enroll in Medicare, you are no longer allowed to contribute to an HSA. However, if you delay enrolling, you can continue contributing.
- Tax-free withdrawals: Even after 65, you can still make tax-free withdrawals from your HSA for qualified medical expenses.
- Catch-up contributions: Once you reach 55, you become eligible for catch-up contributions to your HSA, allowing you to contribute an additional amount each year.