Can I Open an HSA After the Age of 65 If I Am Not on Medicare?

If you are over the age of 65 and not on Medicare, you may still be eligible to open a Health Savings Account (HSA). While many individuals associate HSAs with younger, working individuals, older adults can also benefit from these accounts in certain situations.

One key requirement for opening an HSA after the age of 65 is that you are enrolled in a high-deductible health plan (HDHP). As long as you meet this criterion, you can contribute to an HSA and enjoy the tax advantages that come with it.

Here are some important points to consider regarding opening an HSA after the age of 65:

• You can continue to make contributions to your HSA as long as you are enrolled in an HDHP and have not enrolled in Medicare.
• If you delay enrolling in Medicare past the age of 65 and are still covered by an HDHP, you can keep contributing to your HSA.
• Once you enroll in Medicare, you can no longer contribute to your HSA, but you can still use the funds already in the account for qualified medical expenses tax-free.

It's important to note that even if you are not eligible to contribute to an HSA after enrolling in Medicare, you can still use the existing funds in your account for eligible expenses.

Yes, over the age of 65 and not enrolled in Medicare? You can absolutely open a Health Savings Account (HSA). HSAs aren’t just for those in their working years; seniors can also appreciate the benefits, especially if they are still enrolled in a high-deductible health plan (HDHP).