Can You Use HSA for Non-Medical Expenses After Age 65?

As you reach age 65, you may be wondering if you can use your HSA for non-medical expenses. The short answer is, yes, you can, but there are some things to consider. Health Savings Accounts (HSAs) offer a lot of flexibility and benefits, even after you turn 65.

Here are some key points to keep in mind:

• After age 65, you can withdraw funds from your HSA for any reason without penalty.
• If you use the funds for non-medical expenses, the withdrawals will be subject to income tax, similar to withdrawing from a traditional IRA or 401(k).
• It's important to remember that using HSA funds for qualified medical expenses is still tax-free at any age.
• Even if you no longer have a high deductible health plan (HDHP) after age 65, you can still use the funds in your HSA for medical expenses.

While using your HSA for non-medical expenses after age 65 is allowed, it's essential to weigh the tax implications and consider your overall financial strategy.

Once you reach the milestone of 65 years, it's natural to ask if your Health Savings Account (HSA) can be tapped for non-medical expenses. The answer is indeed yes, but there's a bit more to it than that.