Can I Put Money into My HSA the Same Year I Turn 65?

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Contributing to your HSA at 65

Yes, you can continue to contribute to your Health Savings Account (HSA) even in the same year that you turn 65. Turning 65 is a significant milestone for many as it marks the age of eligibility for Medicare. However, being enrolled in Medicare does not prevent you from contributing to your HSA.

Absolutely! You are permitted to add funds to your Health Savings Account (HSA) in the same calendar year that you celebrate your 65th birthday. This is particularly significant because 65 is commonly associated with the beginning of Medicare eligibility. However, it’s essential to understand that enrolling in Medicare itself does not bar you from making contributions to your HSA.

HDHP and Medicare enrollment rules

As long as you are enrolled in a High Deductible Health Plan (HDHP) and are not enrolled in Medicare Part A or Part B, you can still make contributions to your HSA. Individuals turning 65 can make a full year's worth of contributions to their HSA even if they turn 65 mid-year.

It's important to note that once you enroll in Medicare, you can no longer contribute to your HSA. However, you can still use the funds that are already in your HSA for qualified medical expenses, including those not covered by Medicare.