Can You Contribute to Your HSA After Age 65?

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 yes, you can still contribute to your HSA after reaching the age of 65, as long as you meet certain eligibility requirements.

One important thing to note is that once you enroll in Medicare, you are no longer eligible to contribute to an HSA. This means that if you delay enrolling in Medicare and continue to be covered by a high-deductible health plan (HDHP), you can keep contributing to your HSA.

Another key consideration is that while you can still add funds to your HSA after 65, you cannot make catch-up contributions like you can with other retirement accounts such as IRAs or 401(k)s. The maximum annual contribution limits still apply based on your coverage type and age.

It's essential to understand the rules and limitations regarding HSA contributions after age 65 to make the most of this valuable savings tool for healthcare expenses in retirement. Consulting with a financial advisor can help ensure you are making informed decisions about your HSA contributions as you enter this new phase of life.

As retirement approaches, many individuals often ask: can I still contribute to my HSA after reaching 65 years old? The answer is a resounding yes, provided you meet certain eligibility criteria. However, once you enroll in Medicare, your ability to add funds to your HSA ceases.