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

After the age of 65, you can withdraw funds from your HSA for any reason without penalty. While HSAs are primarily designed to cover medical expenses, they offer flexibility in retirement as well.

Here are some key points to consider:

• After turning 65, you can use HSA funds for non-medical expenses.
• Withdrawals for non-medical expenses are subject to income tax but not the 20% penalty that applies before age 65.
• Using HSA funds for non-medical expenses may impact your retirement savings if not used wisely.
• It's essential to weigh the pros and cons of using HSA funds for non-medical expenses after retirement.

After you celebrate your 65th birthday, your Health Savings Account (HSA) becomes even more advantageous. You can access your funds for any purpose, not just healthcare expenses, but keep in mind that these withdrawals will be subject to income tax.