What Can I Pay Out of My HSA Account After 65 Years Old?

Once you turn 65 years old, you can safely use your Health Savings Account (HSA) for a wide range of medical expenses, as well as other non-medical expenses without penalty. Here's a closer look at what you can pay out of your HSA account after reaching this milestone:

• Medical expenses: You can use the funds for any qualified medical expenses, including deductibles, copayments, prescription medications, vision care, dental treatments, and more.
• Long-term care premiums: Premiums for long-term care insurance are considered an eligible expense.
• Medicare premiums: You can use your HSA to pay for Medicare premiums, including Part A, Part B, and Part D premiums.
• Non-medical expenses: After turning 65, you can withdraw funds for non-medical expenses without facing a penalty. However, keep in mind that these withdrawals will be subject to regular income tax.

It's essential to keep track of your expenses and retain receipts for any withdrawals made from your HSA. This will help you ensure compliance with IRS guidelines and avoid any potential penalties.

After you hit the milestone of 65 years old, your Health Savings Account (HSA) continues to be a valuable financial tool. Not only can you cover a broad spectrum of medical expenses, but you can also use your funds for non-medical purposes, providing you with flexibility and freedom.