What If I Don't Spend My HSA by 65?

Are you wondering what happens if you don't spend your HSA by the age of 65? Let's explore your options and what it means for your health savings account.

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages. But what happens to your HSA if you reach the age of 65 and still have a balance left?

If you don't spend your HSA by the age of 65, here's what you need to know:

• You can still use your HSA for qualified medical expenses tax-free even after the age of 65.
• If you have Medicare, you can use your HSA to pay for premiums, copays, deductibles, and other eligible expenses.
• After the age of 65, you can also use your HSA for non-medical expenses, but they will be subject to income tax without penalty.
• Your HSA balance carries over from year to year with no expiration date, allowing you to save for future medical expenses.
• If you pass away, your HSA can be passed on to your spouse tax-free. For other beneficiaries, the HSA becomes taxable as income.

It's important to continue managing your HSA even after the age of 65 to make the most of your savings and benefits.

Are you wondering what happens if you don't use your HSA by the time you turn 65? Fear not! Your Health Savings Account (HSA) continues to offer perks even as you age. Let's delve into the key details about managing unspent HSA funds after 65.