As you approach retirement age, you may be wondering if you can continue contributing to your Health Savings Account (HSA) after turning 65. The short answer is: yes, you can still contribute to your HSA after reaching the age of 65. Here are some key points to remember about contributing to an HSA after age 65: While you can continue to contribute to your HSA after age 65, there are a few things to keep in mind. • If you are enrolled in Medicare, you cannot contribute to an HSA. Once you enroll in Medicare, you are no longer eligible to contribute to an HSA. • If you delay enrolling in Medicare and continue working past the age of 65, you can still contribute to your HSA as long as you are covered by a High Deductible Health Plan (HDHP). • Catch-up contributions are available for individuals aged 55 and older. For the year 2021, the catch-up contribution limit is $1,000. • HSA contributions made with pre-tax dollars are tax-deductible, even after age 65. This can provide additional tax benefits for seniors looking to save on healthcare expenses. • HSA funds can be used to pay for qualified medical expenses tax-free, making them a valuable savings tool even in retirement. In summary, while there are some restrictions around contributing to an HSA after age 65, it is still possible for seniors to benefit from the tax advantages and savings offered by these accounts. As long as you meet the eligibility criteria and are not enrolled in Medicare, you can continue to save for healthcare expenses well into your retirement years.

When you approach the milestone of 65, you may naturally wonder if contributing to your Health Savings Account (HSA) remains an option. You’ll be pleased to know that the answer is yes, but there are important details to consider!