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

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Turning 65 and continued HSA contributions

As you approach the age of 65, you may be wondering about your HSA (Health Savings Account) contributions for that year. Contributions to your HSA can continue even after you turn 65, but there are some important factors to consider.

When you reach the age of 65, you are no longer eligible to contribute catch-up contributions to your HSA. However, you can still make regular contributions up to the annual limit set by the IRS.

2021 IRS limits and prorating rules

For the year 2021, the annual contribution limit for individuals with self-only coverage is $3,600, and for those with family coverage, it is $7,200. These limits include both your contributions and any contributions made by your employer.

It's important to note that the annual contribution limit is prorated based on the number of months you are eligible to contribute to an HSA. If you are enrolled in an HSA-eligible high deductible health plan for only part of the year, your contribution limit will be adjusted accordingly.

Medicare enrollment effects on HSA

Additionally, if you are enrolled in Medicare, your HSA contribution limit may be affected. Once you enroll in Medicare, you are no longer eligible to contribute to an HSA, so it's essential to plan your contributions accordingly.

As you approach 65, you're probably excited about the new opportunities and changes that this milestone brings. One of the areas to consider is your Health Savings Account (HSA) contributions. While you can still contribute to your HSA, there are essential rules to understand, especially regarding limits and Medicare enrollment.