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

When it comes to your Health Savings Account (HSA), there are rules and limits that change once you turn 65. You might be wondering, 'how much can I put in my HSA the year I turn 65?'.

Here's what you need to know:

• Once you turn 65 and enroll in Medicare, you're no longer eligible to contribute to your HSA.
• If you're 55 or older, you can make an additional catch-up contribution to your HSA.
• The limit for catch-up contributions for those 55 or older is $1,000 per year.
• If you're still working and have an employer-sponsored HSA, you can continue to contribute to it, even after turning 65.
• You can use the funds in your HSA tax-free for qualified medical expenses, even after age 65.

As you approach the golden age of 65, it’s vital to understand how your Health Savings Account (HSA) will be impacted. Many wonder, 'How much can I contribute to my HSA the year I turn 65?' While your options may change, it's important to stay informed.

Here’s a breakdown of what you should know:

• Turning 65 and enrolling in Medicare means you can no longer make contributions to your HSA.
• However, if you're aged 55 or older, you're eligible for an additional $1,000 catch-up contribution.
• With the catch-up contribution, you can maximize your savings even as you prepare for retirement.
• If you continue working and have access to an employer-sponsored HSA, you can still contribute post-65.
• Remember, even after you turn 65, the funds in your HSA can still be used tax-free for qualified medical expenses, providing you with financial ease as you age.