How Much Can I Contribute to My HSA in the Year I Turn 65?

When it comes to your Health Savings Account (HSA), reaching the age of 65 can bring about some changes in how you contribute to it. If you are still working and have a high deductible health plan, you can continue contributing to your HSA even after you turn 65. However, there are a few important things to keep in mind:

1. The annual contribution limit for individuals aged 55 and older is higher than for those under 55.

2. Once you enroll in Medicare, you can no longer contribute to your HSA.

3. If you delay enrolling in Medicare and continue working, you can delay your Medicare enrollment without penalty and keep contributing to your HSA.

4. Once you do enroll in Medicare, you can no longer contribute to your HSA, but you can still use the funds in your account for qualified medical expenses tax-free.

5. If you have a spouse who is still working and covered by a family high deductible health plan, they can continue to contribute to a family HSA, which can also be used for your medical expenses.

It's essential to understand the rules and limitations that come with contributing to an HSA at age 65 and beyond to make the most of your healthcare savings.

As you approach the milestone of turning 65, it's crucial to be aware of how your Health Savings Account (HSA) contributions are affected. If you maintain eligibility through a high deductible health plan and continue working, you can keep adding to your HSA.