Can You Continue to Make Deposits to Your HSA in the Year You Turn 65?

As you approach the age of 65, you may be wondering about your Health Savings Account (HSA) and if you can still make deposits in the year you turn 65. The good news is that yes, you can continue to make contributions to your HSA even in the year you turn 65. However, there are some important things to keep in mind when it comes to HSA contributions and eligibility as you reach this milestone age.

One key consideration is that once you enroll in Medicare, you can no longer contribute to your HSA. Medicare enrollment typically begins at age 65, so it's crucial to plan ahead if you want to continue making contributions to your HSA up until that point.

Another aspect to be aware of is that if you delay enrolling in Medicare and continue to work and have employer-provided health insurance, you may be able to postpone Medicare enrollment and still contribute to your HSA. However, once you do enroll in Medicare, your HSA contributions must cease.

It's important to understand the rules and limitations surrounding HSA contributions, especially as you approach retirement age. Consulting with a financial advisor or healthcare professional can help you navigate the process and make informed decisions about your HSA contributions.

As you approach the exciting milestone of turning 65, you might be questioning how that impacts your Health Savings Account (HSA). The fantastic news is that you are allowed to continue making contributions to your HSA in the year you turn 65, which can greatly benefit your financial planning for healthcare.