Can I Contribute to HSA After 65? Everything You Need to Know

As you approach the age of 65, you may be wondering if you can continue to contribute to your Health Savings Account (HSA). The good news is that yes, you can still contribute to your HSA after the age of 65! In fact, there are several important things to know about contributing to your HSA in your retirement years.

Here are some key points to keep in mind:

• Once you reach 65, you are no longer eligible to contribute to your HSA if you are enrolled in Medicare. However, if you are not enrolled in Medicare, you can continue to contribute to your HSA.
• Even after turning 65 and being enrolled in Medicare, you can still use the funds in your HSA to pay for qualified medical expenses tax-free.
• If you are still working and have a high deductible health insurance plan, you can continue contributing to your HSA regardless of your age.
• Contributions to your HSA after 65 are still tax-deductible, providing you with additional tax benefits in your retirement years.

It's essential to understand the rules and regulations surrounding HSA contributions after the age of 65 to make the most of this valuable savings tool in retirement. By staying informed and taking advantage of the benefits, you can continue to manage your healthcare expenses effectively even after reaching retirement age.

As you approach retirement, reaching 65 can raise numerous questions about your financial future, particularly regarding your Health Savings Account (HSA). The fact is, if you haven’t enrolled in Medicare, you can happily continue to contribute to your HSA!