At what age can you no longer contribute to an HSA?
Asked by: Mr. Korey Blick IV | Last update: December 4, 2025Score: 5/5 (9 votes)
Can I still contribute to my HSA after age 65?
If you are not enrolled in Medicare and are otherwise HSA eligible, you can continue to contribute to an HSA after age 65. You are also allowed to contribute the $1,000 catch-up. If you signed up for Medicare Part A and now want to decline it, you can do so by contacting the Social Security Administration.
When must you stop contributing to an HSA?
Once you turn 65, you can use the money in your HSA for anything you want. If you don't use it for qualified medical expenses, it counts as income when you file your taxes. Six months before you retire or get Medicare benefits, you must stop contributing to your HSA.
Can I contribute to an HSA if I am collecting Social Security?
If you have applied for or are receiving Social Security benefits, which automatically entitle you to Part A, you cannot continue to contribute to your HSA.
Can my employer still contribute to my HSA if I am on Medicare?
HSA eligibility rules state you can't contribute or receive contributions from your employer to your HSA when enrolled in any part of Medicare. Otherwise, you could be subject to tax penalties.
The Real TRUTH About An HSA - Health Savings Account Insane Benefits
What disqualifies you from contributing to an HSA?
If you can receive benefits before that deductible is met, you aren't an eligible individual. Other employee health plans. An employee covered by an HDHP and a health FSA or an HRA that pays or reimburses qualified medical expenses can't generally make contributions to an HSA. FSAs and HRAs are discussed later.
When should you stop contributing to HSA with Medicare?
For example, if you retire June 30—you worked six months of the year and are eligible to contribute 50% of the annual limit. If you work beyond age 65 and defer Medicare, however, you will need to stop contributing to your HSA six months prior to receiving Social Security.
At what age is Social Security no longer taxed?
Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.
Can a retiree put money into an HSA?
You can contribute to a health savings account after you retire, so long as you are not enrolled in Medicare. If you are enrolled in Medicare you cannot contribute to a health savings account, but there are other ways of saving for expected and unexpected healthcare costs.
Can my wife have an HSA if I am on Medicare?
Yes, being eligible to contribute to the HSA is determined by the status of the HSA account holder not the dependents of the account holder. Your spouse being on Medicare does not disqualify you from continuing contributions to the HSA up to the family limit, even if they are also covered by the HDHP.
At what age can you no longer have an HSA?
When you turn 65 and begin Medicare coverage, you lose HSA eligibility on the first day of that month. For example, if your birthday is April 19, you are no longer eligible to contribute to an HSA as of April 1.
What is the downside of an HSA?
Drawbacks of HSAs include tax penalties for nonmedical expenses before age 65, and contributions made to the HSA within six months of applying for Social Security benefits may be subject to penalties. HSAs have fewer limitations and more tax advantages than flexible spending accounts (FSAs).
Can I use HSA to pay Medicare premiums?
You can even use your HSA to pay for some Medicare expenses including your Medicare Part B, Part D and Medicare Advantage plan premiums, deductibles, copays and coinsurance. Note: HSA funds cannot be used to pay for Medigap premiums.
When should I stop contributing to my HSA?
If you are retiring at the age of 65 ½ or older, to avoid potential tax issues, you want to STOP YOUR HSA CONTRIBUTIONS so that you have 6 months of NO contributions before you FILE FOR MEDICARE.
Can HSA be used for dental?
Yes, you can use a health savings account (HSA) or flexible spending account (FSA) for dental expenses.
Is HSA penalty free after 65?
Your HSA as a retirement account
If you withdraw money from your HSA for something other than qualified medical expenses before you turn 65, you have to pay income tax plus a 20% penalty. But after you turn 65, that 20% penalty no longer applies and you only pay income tax!
Can I still contribute to an HSA after age 65?
As shown above, a person can generally maintain their eligibility to contribute to an HSA after age 65 as long as they are employed, enrolled in an HSA-eligible HDHP, and not enrolled in Medicare or other non-HDHP insurance.
Can you use HSA money to pay insurance premiums?
The IRS does not allow you to use your HSA to pay for regular health insurance premiums, but there is an exception for unemployed individuals. If you lose your job, you may qualify to withdraw funds from your HSA to cover your health insurance premiums.
How do I get the $16728 Social Security bonus?
Specifically, a rumored $16,728 bonus that had people wondering if it was true or not in 2024? Sadly, there's no real “bonus” that retirees who receive Social Security can collect.
At what age do seniors stop paying federal taxes?
Taxes aren't determined by age, so you will never age out of paying taxes. People who are 65 or older at the end of 2024 have to file a return for tax year 2024 (which is due in 2025) if their gross income is $16,550 or higher. If you're married filing jointly and both 65 or older, that amount is $32,300.
How much should a 72 year old retire with?
Financial experts generally recommend saving anywhere from $1 million to $2 million for retirement. If you consider an average retirement savings of $609,000 for those in the 65 to 74-year-old range, the numbers obviously don't match up.
Who should not get an HSA?
HSAs might not make sense if you have some type of chronic medical condition. In that case, you're probably better served by traditional health plans. HSAs might also not be a good idea if you know you will be needing expensive medical care in the near future.
What is the 6 month rule for Medicare?
You can sign up for Part A any time after you turn 65. Your Part A coverage starts 6 months back from when you sign up or when you apply for benefits from Social Security (or the Railroad Retirement Board). Coverage can't start earlier than the month you turned 65.
What is the age limit for HSA?
You can open and contribute to an HSA at age 65 or later as long as you meet HSA eligibility requirements, which are: • You're covered on an HSA-qualified medical plan. You're not someone's tax dependent. You don't have any conflicting coverage (including enrollment in Medicare).