Can I Have an HSA After Age 65? Exploring HSA Benefits and Eligibility

As you approach the age of 65, you may be wondering if you can still have a Health Savings Account (HSA) and continue reaping its benefits. The good news is that yes, you can have an HSA after age 65, and it can still serve as a valuable tool for managing your healthcare expenses.

Here are some key points to consider:

• Once you turn 65 and enroll in Medicare, you can no longer contribute to your HSA, as Medicare is considered disqualifying health coverage.
• However, you can still use the funds in your HSA tax-free for qualified medical expenses, including Medicare premiums, deductibles, copays, and coinsurance.
• If you delay enrolling in Medicare past age 65 and continue to have a high-deductible health plan, you can still contribute to your HSA until you enroll in Medicare.
• After age 65, you can also use your HSA funds for non-medical expenses without penalty, though they will be subject to income tax.

Having an HSA after age 65 can provide you with flexibility and control over your healthcare costs, making it a valuable asset during retirement.

As you reach 65 and beyond, having a Health Savings Account (HSA) remains a beneficial financial tool that allows you to manage healthcare expenses efficiently.