Can I Withdraw from HSA Tax Free After 65 Years Old?

As you plan for your retirement, you may be wondering about the rules surrounding Health Savings Accounts (HSAs) and whether you can withdraw funds tax-free after turning 65 years old.

HSAs are a valuable tool for saving money for medical expenses, both now and in the future. Here's what you need to know:

Once you reach the age of 65, you can withdraw funds from your HSA for any reason without penalty. If you use the money for qualified medical expenses, the withdrawals are tax-free. However, if you withdraw funds for non-medical expenses, you will need to pay income tax on the amount.

It's important to note that even after turning 65, you can still use funds in your HSA for Medicare premiums, long-term care insurance premiums, and other eligible expenses.

Reaching the age of 65 opens up exciting possibilities for HSA account holders. You can now withdraw funds from your HSA without facing any penalties, providing you with increased financial flexibility during retirement.