Can You Continue to HSA After You Are 65?

As you approach the age of 65, you may be wondering if you can continue to use your HSA (Health Savings Account). The good news is that yes, you can still utilize your HSA even after you turn 65. Here’s what you need to know:

Once you reach the age of 65, you are eligible for Medicare. While you can no longer contribute to your HSA once you enroll in Medicare, you can still use the funds in your account for qualified medical expenses tax-free.

It's important to note that if you use the funds in your HSA for non-medical expenses after the age of 65, you will be subject to income tax on the withdrawal, similar to a traditional IRA or 401(k) account.

Here are a few key points to keep in mind regarding using your HSA after you are 65:

• You can still use the funds in your HSA tax-free for qualified medical expenses.
• Once you enroll in Medicare, you cannot contribute to your HSA, but you can use the existing funds.
• If you use the HSA funds for non-medical expenses after 65, you will need to pay income tax on the withdrawal.

Overall, your HSA can continue to be a valuable tool for managing healthcare expenses even after you turn 65. By understanding the rules and regulations, you can make the most of your HSA well into your retirement years.

Even after you turn 65, your Health Savings Account (HSA) remains a beneficial financial tool. While you can't contribute to it after enrolling in Medicare, the funds can still be utilized for a wide range of qualified medical expenses, helping you manage your healthcare costs effectively.