Can I Spend on Other Things Besides Healthcare with an HSA After 65?

If you're wondering whether you can spend on other things besides healthcare with an HSA after 65, the short answer is yes! While HSAs are primarily designed for healthcare expenses, there are ways to utilize your HSA funds for other purposes once you reach the age of 65.

After turning 65, your HSA can be used like a traditional retirement account where you can withdraw funds for any reason without a penalty. However, keep in mind that if the withdrawals are not used for qualified medical expenses, they will be subject to income tax at your current tax rate.

It's important to be aware of the rules and restrictions surrounding HSA spending after 65:

• Once you turn 65, you can use your HSA funds for non-medical expenses without penalty, but they will be taxed as income
• Before the age of 65, HSA funds can only be used for qualified medical expenses without incurring taxes
• Even after 65, using HSA funds for medical expenses is still tax-free

So, while you have more flexibility in using your HSA funds for non-medical expenses after 65, it's important to weigh the tax implications before making withdrawals. It can still be a valuable tool for saving for healthcare costs in retirement.

Wondering if you can tap into your HSA for more than just healthcare expenses after you hit 65? You sure can! Your Health Savings Account becomes a versatile financial tool that extends beyond medical costs.