Requirements for a Person Over 65 to Set Up and Contribute to an HSA Account

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. But what if you're over 65? Can you still set up and contribute to an HSA account? Let's explore the requirements for individuals over 65 to have an HSA:

First and foremost, to be eligible to set up and contribute to an HSA account, you must be enrolled in a High Deductible Health Plan (HDHP). While this requirement applies to all eligible individuals, including those over 65, there are a few additional considerations for older individuals:

• Individuals over 65 can still set up an HSA but with a few limitations:
• If you are enrolled in Medicare (Part A, Part B, or both), you are no longer allowed to contribute to your HSA. However, if you delayed enrolling in Medicare and are not receiving Social Security benefits, you can still contribute to your HSA.
• If your spouse is under 65 and enrolled in an HDHP, they can contribute to a family HSA even if you are over 65 and enrolled in Medicare.
• Also, individuals over 65 can use the funds in their HSA for qualified medical expenses tax-free, just like those under 65.

In summary, while there are some limitations for individuals over 65 regarding contributing to an HSA, the account can still be a valuable tool for saving on medical expenses.

Health Savings Accounts (HSAs) are fantastic tools for managing healthcare costs, particularly if you’re over 65. While you can set one up, certain restrictions apply regarding contributions.