Can You Still Contribute to HSA at Age 66?

Are you wondering if you can still contribute to an HSA at age 66? The short answer is yes! Health Savings Accounts (HSAs) are a valuable financial tool that can be utilized even in your senior years. Here's some information to help you better understand HSA contributions at age 66:

1. Age 65 is a milestone for HSA holders as they become eligible for Medicare. However, you can continue contributing to your HSA even after enrolling in Medicare.

2. If you are still working and have a high deductible health plan (HDHP), you can contribute to your HSA regardless of your age.

3. At age 55 and older, you are allowed to make catch-up contributions to your HSA, which means you can contribute additional funds on top of the annual limit.

4. Keep in mind that contributions to your HSA are tax-deductible, which can help you save on taxes, especially during your retirement years.

5. It's important to plan your HSA contributions wisely to maximize the benefits in retirement, such as using the funds for qualified medical expenses tax-free.

Overall, age 66 is not a barrier to contributing to your HSA. It's never too late to take advantage of this tax-advantaged account for your healthcare expenses.

Wondering if age 66 limits your ability to contribute to an HSA? The answer is a resounding no! You can continue to add to your Health Savings Account even as you enjoy your golden years.