What Happens to an HSA at 65?

As you approach the age of 65, you may be wondering what happens to your HSA (Health Savings Account).

At 65, your HSA remains yours, and you can continue to use the funds for qualified medical expenses tax-free.

Here's what happens to an HSA at 65:

• When you turn 65, you can use the HSA funds for non-medical expenses without penalty, although the amount used for non-medical expenses will be subject to income tax.
• You can use the funds in your HSA to pay for Medicare premiums, deductibles, copays, and coinsurance.
• If you are still employed and covered by a high-deductible health plan, you can delay enrolling in Medicare and continue contributing to your HSA.
• After enrolling in Medicare, you can no longer contribute to your HSA, but you can still use the funds tax-free for qualified medical expenses.

It's important to understand the rules and benefits of an HSA at 65 to make the most of your healthcare savings.

As you reach 65, it's essential to know that your HSA (Health Savings Account) continues to be a valuable financial resource. You can still enjoy tax-free withdrawals for qualified medical expenses, providing a safety net as healthcare costs may rise with age.