Can I Contribute to HSA When I Turn 65?

Yes, you can contribute to an HSA (Health Savings Account) even after you turn 65.

While many people may think that once they reach age 65, they can no longer contribute to their HSA, this is a common misconception.

When you turn 65:

• You can still make contributions to your HSA if you are enrolled in a high-deductible health plan (HDHP).
• If you are enrolled in Medicare, you are no longer eligible to contribute to an HSA. You can, however, continue to use the funds in your existing HSA for qualified medical expenses.

Here are some key points to remember about contributing to an HSA at age 65:

• HSA contributions made with pre-tax dollars can still grow tax-free even after age 65.
• Once you turn 65, you can use the funds in your HSA for non-medical expenses without penalty, but income tax will apply.
• Contributions to an HSA after age 65 can provide additional funds for medical expenses in retirement.

Absolutely! Even after you turn 65, your ability to contribute to an HSA (Health Savings Account) remains intact as long as you’re covered by a high-deductible health plan (HDHP).