Can You Deposit in HSA When Turning Age 65? - Understanding HSA Rules

Turning 65 is a significant milestone for many individuals as it marks the age of eligibility for Medicare. This often raises questions about how it may affect other health-related accounts, such as Health Savings Accounts (HSAs).

One common question that arises is whether you can continue to deposit funds into your HSA once you turn 65. The answer is yes, you can still contribute to your HSA after turning 65, but with a few caveats.

Here are some important points to consider when depositing into an HSA at age 65:

• Once you enroll in Medicare, you are no longer eligible to contribute to an HSA. However, if you delay enrolling in Medicare and are still covered by a high-deductible health plan, you can continue to make contributions to your HSA.
• If you are already receiving Social Security benefits, you will be enrolled in Medicare automatically when you turn 65. In this case, you should stop contributing to your HSA to avoid tax penalties.
• After enrolling in Medicare, you can still use the funds in your HSA for qualified medical expenses tax-free. The money can be used for a wide range of eligible expenses, even if you are no longer contributing to the account.

It's essential to understand the rules and limitations that come with using an HSA after turning 65. By staying informed, you can make the most of your HSA benefits and plan for your healthcare needs in retirement.

As you celebrate your 65th birthday, it's a pivotal moment that opens up many healthcare possibilities, particularly regarding your Health Savings Account (HSA).