Can I Contribute to My HSA After Age 65?

Many individuals wonder if they can continue contributing to their Health Savings Account (HSA) after reaching the age of 65. The answer is yes, but there are certain considerations to keep in mind.

After turning 65, you are eligible to contribute to your HSA as long as you are not enrolled in Medicare.

Here are some important points to remember:

• Once you enroll in Medicare, you can no longer contribute to your HSA, but you can still use the funds already in it for qualified medical expenses.
• If you delay enrolling in Medicare and continue working, you can delay using your HSA funds for medical expenses until you do enroll in Medicare.
• Contributions to your HSA made by your employer are still tax-free, even if you are over 65, as long as you meet the eligibility requirements.
• While you can contribute to your HSA after age 65, you may want to evaluate your healthcare needs and expenses to determine the best course of action.

It's essential to understand how HSAs work and how they can benefit you, especially as you approach retirement age. Consulting with a financial advisor or healthcare provider can help you make informed decisions about your HSA contributions after age 65.

Wondering if you can continue to boost your Health Savings Account (HSA) after hitting the big 6-5? The answer is a resounding yes, as long as you keep a qualifying high-deductible health plan.