Can You Make an HSA Contribution in the Year You Turn 65?

As you approach the age of 65, many individuals start to wonder about their Health Savings Account (HSA) contributions and how they may be affected. HSA rules vary depending on your age, employment status, and other factors, so it's essential to understand the guidelines before making contributions. So, can you make an HSA contribution in the year you turn 65?

When it comes to HSA contributions in the year you turn 65, here's what you need to know:

• If you are enrolled in Medicare, you cannot contribute to an HSA, so if you will be enrolling in Medicare during the year you turn 65, you should stop contributing to your HSA before your Medicare coverage starts.
• If you are not enrolled in Medicare and you are eligible to contribute to an HSA, you can continue making contributions even in the year you turn 65.
• If you have a high deductible health plan (HDHP) and meet all other HSA eligibility requirements, you can make a full HSA contribution for the year, regardless of when your birthday falls.

The transition to 65 can bring about many changes, including new options for your Health Savings Account (HSA). If you're approaching this milestone and wondering about contributions, it's vital to know the rules, which depend on factors like Medicare enrollment.