How to Make Pre-Tax Contributions to an HSA After 70 and on Medicare

As you reach 70 and are on Medicare, you might wonder how to continue making pre-tax contributions to your HSA. Despite certain limitations, there are ways to still benefit from your HSA after turning 70 and being on Medicare.

One of the key ways to make pre-tax contributions to an HSA after 70 and on Medicare is by using funds from your individual retirement account (IRA). By utilizing a Qualified HSA Funding Distribution from your IRA, you can transfer funds directly into your HSA on a tax-free basis.

Another strategy is to have contributions made by an employer while you are still employed. If you are working past the age of 70, you can continue to receive HSA contributions from your employer, which are considered pre-tax and can still grow tax-free.

As you approach the age of 70 and enroll in Medicare, it's natural to seek ways to maximize the benefits of your Health Savings Account (HSA). One excellent method to continue making pre-tax contributions to your HSA is to explore the option of utilizing Qualified HSA Funding Distributions from your Individual Retirement Account (IRA), enabling you to transfer funds directly into your HSA without incurring any tax liabilities.