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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.
After 65, non-medical withdrawals are not subject to a 20% penalty. Although there is not a penalty, you will have to pay income tax on the withdrawal. Broad Coverage for Medical Expenses
After the age of 65, you can take penalty-free withdrawals for any purpose, although you won’t enjoy the tax benefits if you use the money for living expenses or other purposes.
After age 65 you can withdraw the money for non-medical expenses without a 20% penalty and use it for whatever you want — but you will still have to pay taxes on the non-medical withdrawals.
Consumers with a qualifying high-deductible health plan, or HDHP, are most likely to use a health savings account. For 2024, the HSA contribution limit is $4,150 for an individual and $8,300 for ...
A health savings account, or HSA, is an account you can use to pay for medical expenses. One of its main benefits is that there is no tax on the funds, whether kept in the account or withdrawn to ...
Using an HSA as an additional retirement plan. In addition to using an HSA for medical expenses, it can also be used as another way to save for retirement. Once you reach age 65, money held in an ...
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 ...