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Learn how contributions to your health savings account (HSA) can be tax deductible, helping you save on healthcare expenses and reduce your taxable income. ... After 65, non-medical withdrawals ...
After you turn 65, you can also withdraw money tax-free from the HSA to pay premiums for Medicare Part B, Part D and Medicare Advantage (but not Medigap) coverage.
Health savings accounts were created in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act. ... You can withdraw HSA money tax-free for any reason after turning 65.
Plus, if you take a distribution after age 65, you won’t have to pay taxes on the total amount withdrawn. If maxing out your HSA is not in the cards for you, you can select a different amount.
After 65, you can use your HSA for nonmedical expenses without penalties. Keep in mind that withdrawals will still be taxed as ordinary income. For qualified medical expenses, you don’t have to ...
An HSA has three big tax benefits: contributions are tax-deductible, the money can be spent tax-free for qualifying healthcare expenses and any investment growth in your account is tax-free. You ...
Once you turn 65, you can take an HSA withdrawal for any reason without incurring a penalty. However, do be aware that non-medical withdrawals are subject to taxes, the same way traditional 401(k ...
The 2025 contribution limit for an HSA is $4,300 for individuals and $8,550 for families. Individuals who are 55 or older can contribute an additional $1,000. Read more: HSA contribution limits ...