Can You Contribute to an HSA if Over 65? All You Need to Know

If you are over 65 years old, you might be wondering if you can still contribute to a Health Savings Account (HSA). The answer is yes, but there are some things you need to keep in mind.

When you turn 65, you are eligible for Medicare, which means you cannot contribute to an HSA if you are enrolled in any part of Medicare (Part A, B, C, or D). However, if you are not enrolled in Medicare and are still working and covered by a high-deductible health plan (HDHP), you can continue to contribute to your HSA.

It's important to note that even if you are not eligible to contribute to your HSA after enrolling in Medicare, you can still use the funds in your HSA tax-free for qualified medical expenses. This makes an HSA a valuable tool for healthcare savings even after you turn 65.

Are you over 65 and curious about Health Savings Accounts (HSAs)? It's good news if you're still working and covered by a high-deductible health plan (HDHP): you can keep contributing to your HSA. If you enroll in Medicare, however, contributions must stop. But remember, the money in your HSA is still yours to use tax-free on qualified medical expenses, making it an excellent supplemental resource for health costs throughout retirement.