Can You Contribute to HSA After Age 65? - Exploring HSA Contribution Rules for Seniors

As you near retirement age, you may be wondering if you can continue contributing to your Health Savings Account (HSA) after turning 65. The good news is that you can still contribute to your HSA even after reaching age 65, but there are some rules and requirements to keep in mind.

One important thing to note is that in order to contribute to an HSA after age 65, you must be enrolled in a High Deductible Health Plan (HDHP). If you are not enrolled in an HDHP, you are no longer eligible to make contributions to your HSA.

Here are some key points to consider when it comes to HSA contributions after age 65:

• You can continue making contributions to your HSA with your own funds, including payroll deductions if applicable.
• If you are still working and covered by an HDHP, you can make catch-up contributions of an additional $1,000 per year, as long as you are 55 or older.
• Once you enroll in Medicare, you can no longer contribute to your HSA. However, you can still use the funds in your HSA to pay for qualified medical expenses tax-free.
• If your spouse is at least 55 years old and covered by an HDHP, they can also make catch-up contributions to their own HSA.

It's important to understand the rules and limitations surrounding HSA contributions after age 65 to make the most of this valuable savings tool in retirement. Consult with a financial advisor or tax professional to ensure you are maximizing your HSA benefits.

As you approach the golden years, one question that might cross your mind is whether you can keep contributing to your Health Savings Account (HSA) post-65. The fantastic news is yes, you can! Just remember to stay enrolled in a High Deductible Health Plan (HDHP) to maintain your eligibility for contributions.