Can You Contribute to an HSA Over Age 65?

Are you wondering if you can continue contributing to your HSA (Health Savings Account) once you reach age 65? The answer is yes, you can still contribute to an HSA even after you turn 65, but there are some important things to keep in mind.

Here are some key points to consider:

• Once you enroll in Medicare, you can no longer contribute to an HSA.
• However, if you delay enrolling in Medicare and continue working, you can keep contributing to your HSA.
• If you've already funded your HSA, you can still use the money tax-free for qualified medical expenses, even after you're 65.
• After turning 65, you can also use the funds for non-medical expenses without penalty, although you will pay income tax on the amount withdrawn.

It's essential to understand the rules and regulations surrounding HSAs, especially as you approach retirement age. Consulting with a financial advisor can help you navigate the complexities and make the most of your HSA benefits.

Wondering if you can keep contributing to your HSA after you turn 65? Yes, you can! However, make sure you aren’t enrolled in Medicare, as that’s when contributions stop.