Can Someone 65 Still Contribute to an HSA?

Health Savings Accounts (HSAs) are a valuable financial tool that can help individuals save for medical expenses tax-free. But what happens when you turn 65? Can you still contribute to an HSA at that age?

Yes, you can contribute to an HSA even after you turn 65, as long as you are not enrolled in Medicare. Once you enroll in Medicare, you are no longer eligible to contribute to an HSA. However, you can still use the funds in your HSA to cover qualified medical expenses tax-free, even after enrolling in Medicare.

Here are some key points to consider about contributing to an HSA at age 65:

• If you are still working and have a high-deductible health plan, you can continue contributing to your HSA past age 65.
• If you are no longer working and are enrolled in Medicare, you can still use the funds in your HSA tax-free for qualified medical expenses.
• Once you reach age 65 and enroll in Medicare, you can no longer make contributions to your HSA, but any existing funds can still be used tax-free for medical expenses.

It's essential to understand the rules and limitations surrounding HSAs, especially as you approach retirement age. By utilizing an HSA effectively, you can continue to benefit from tax advantages even after turning 65.

Health Savings Accounts (HSAs) remain a beneficial option for individuals even after reaching the age of 65. Many people ask whether they can continue contributing to their HSA upon turning 65, and the answer is yes—but only if you are not yet enrolled in Medicare.