Can You Deposit Money in an HSA Account if I'm Over 65?

As you reach the age of 65 and beyond, you may be wondering if you can continue to deposit money into your Health Savings Account (HSA). The good news is that yes, you can deposit money into an HSA even after you turn 65!

Here are some important points to consider:

• 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 keep contributing to your HSA.
• If you work past the age of 65 and are covered by a high-deductible health plan through your employer, you can continue making contributions to your HSA.
• Even after you stop working and have Medicare coverage, you can still use the funds in your HSA to pay for qualified medical expenses tax-free.
• It's important to note that while you can deposit money into an HSA after 65, you cannot make catch-up contributions like you could before turning 65.

So, if you're over 65 and still covered by a high-deductible health plan, feel free to keep depositing money into your HSA to support your healthcare expenses in retirement!

Turning 65 is a significant milestone, and you might wonder if your Health Savings Account (HSA) can still help you financially. The great news is that individuals over 65 can continue to deposit money into their HSAs, provided they meet certain criteria.