What Happens If I Have HSA Balance After 65?

Having an HSA (Health Savings Account) can be a great financial tool to help cover medical expenses, both now and in the future. If you have a balance in your HSA after the age of 65, there are a few important things to consider.

Firstly, once you turn 65, you can use the money in your HSA for any purpose, not just medical expenses. However, if you withdraw the funds for non-medical expenses, you will owe income tax on the amount withdrawn.

If you have a remaining HSA balance after 65, here are some options:

• Continue using the funds for eligible medical expenses tax-free.
• Use the HSA funds to pay for Medicare premiums, deductibles, co-pays, and coinsurance.
• Keep the funds in the HSA as a tax-advantaged savings account for future medical expenses.

It's essential to understand the rules and options regarding HSA balances after 65 to make the most of your account. Consider consulting a financial advisor for personalized guidance based on your specific situation.

Once you turn 65, your Health Savings Account (HSA) treats you to some incredible perks when it comes to managing your healthcare finances. Having a balance in your HSA at this age opens up a world of possibilities for your medical expenses and beyond.