Can I Contribute to HSA Turning 65 on April 1st?

When it comes to Health Savings Accounts (HSAs), age can impact your contributions and eligibility. If you are turning 65 on April 1st, you may have some questions about your HSA. The short answer is yes, you can continue to contribute to your HSA even after turning 65. Here’s what you need to know:

While the rules for contributions to an HSA change once you enroll in Medicare, turning 65 does not automatically disqualify you from contributing to your HSA. As long as you meet certain criteria, you can still make contributions to your HSA, and there are some benefits to doing so.

Once you turn 65 and enroll in Medicare, you are no longer allowed to contribute to your HSA if you are enrolled in any part of Medicare (Part A, B, C, or D). However, if you delay enrolling in Medicare, you can continue contributing to your HSA until you do enroll. Here are some key points to consider:

• If you delay enrolling in Medicare and are still working and covered by an employer-sponsored health plan, you can continue to contribute to your HSA.
• Once you enroll in any part of Medicare, including just Part A for hospital insurance, you can no longer contribute to your HSA.
• If you are already receiving Social Security benefits when you turn 65, you will be automatically enrolled in Medicare Part A and will need to stop HSA contributions.

It’s important to be aware of the rules regarding HSAs and Medicare to avoid any penalties or tax implications. While you can contribute to your HSA after turning 65 under certain circumstances, understanding the guidelines will help you make informed decisions about your healthcare savings.

If you’re about to hit the big 6-5, you may be wondering about your Health Savings Account (HSA) and what your options are. The great news is that as long as you are not yet enrolled in Medicare, you can keep contributing to your HSA, allowing you to take full advantage of the tax benefits.