HSA Guide
Can I Contribute to My HSA After I Turn 65? - All You Need to Know
Published May 11, 2022
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Get the appHave you been wondering whether you can contribute to your Health Savings Account (HSA) after turning 65? Let's dive into this topic and provide you with all the information you need.
Contrary to popular belief, you can continue to contribute to your HSA even after you turn 65. Here's what you need to know:
Key Points to Understand:
- Once you enroll in Medicare, you can no longer contribute to your HSA.
- If you delay enrolling in Medicare and continue working, you can keep contributing to your HSA.
- Contributions made to your HSA after age 55 may still qualify for catch-up contributions.
- You can use the funds in your HSA for qualified medical expenses tax-free, even after turning 65.
- After turning 65, you can also use your HSA funds for non-medical expenses, but they will be subject to income tax without penalty.
It's important to stay informed about the rules and regulations surrounding HSAs to make the most of this valuable savings tool, even in your retirement years.
Have you ever thought about the possibility of continuing to contribute to your Health Savings Account (HSA) after hitting the big 6-5? Spoiler alert: you can keep feeding that account! Let’s explore how this works.