Can I Contribute to My HSA After Age 65? - Understanding HSA Contribution Rules

As you approach age 65, you may be wondering about your eligibility to contribute to your Health Savings Account (HSA). The rules surrounding HSA contributions can be a bit complex, but let's break it down for you.

Once you reach age 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 and are still covered by a high-deductible health plan, you can continue to contribute to your HSA.

It's important to note that even after age 65, you can still use the funds already in your HSA for qualified medical expenses tax-free. This makes an HSA a valuable tool for managing healthcare costs in retirement.

Key Points to Remember:

• After age 65, you can contribute to your HSA if you are not enrolled in Medicare.
• If you are enrolled in Medicare, you cannot make new contributions to your HSA.
• Funds in your HSA can still be used tax-free for qualified medical expenses after age 65.

Knowing the rules about HSA contributions post-age 65 can help you make informed decisions about your healthcare savings. Keep these guidelines in mind as you plan for your retirement healthcare needs.

As you approach age 65, it’s understandable to question your ability to contribute to your Health Savings Account (HSA). While the rules can feel a bit overwhelming, we’re here to clear things up for you.

Once you turn 65, if you have enrolled in Medicare, you will not be able to add more contributions to your HSA. However, if you maintain coverage under a high-deductible health plan and haven’t yet enrolled in Medicare, you can still make contributions to your HSA.

Remember that after turning 65, the funds in your HSA are still available for use, allowing for tax-free withdrawals for qualified medical expenses. This makes your HSA an essential part of planning for healthcare costs in retirement.