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You can withdraw HSA money tax-free for any reason after turning 65. The first thing to know is that you’re allowed to withdraw money penalty-free from your HSA for any reason after 65. Before ...
You can still withdraw funds from an existing HSA at any time. In fact, you can use that money to pay Medicare deductibles, premiums, copayments and other out-of-pocket medical costs.
After the age of 65, you can make withdrawals from your HSA that are generally penalty-free. Before you turn 65, however, keep in mind that any withdrawals for non-qualified expenses aren't tax-free.
A 20% penalty applies when taking money from an HSA for any purpose other than qualified healthcare expenses before age 65. Once you turn 65, you can withdraw money from an HSA for any purpose but ...
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 ...
The good news is that once you turn 65, you can take a penalty-free HSA withdrawal for any purpose. If that withdrawal isn't medical in nature, you'll have to pay taxes on the funds you remove.