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It begins three months before the month of your 65th birthday, and it ends three months after that month. ... you may need to stop making HSA contributions six months ahead of your enrollment date ...
You don't have to halt HSA contributions ahead of your Medicare enrollment date if you're signing up at 65. That's because you're not eligible for six months of retroactive coverage at that point.
She turns 65 years old in June 2024 and enrolls in Medicare but keeps making her $500 monthly HSA contributions. Mary will owe back taxes on the $4,000 she contributed between June and December.
You can sign up before your 65th birthday You're generally eligible for Medicare coverage starting at age 65. Some people may be able to get coverage earlier due to having specific conditions.
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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.
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Non-Medical Withdrawals After Age 65. The last benefit that’s unique to an HSA, according to Kevin Shahnazari, founder of FinlyWealth, is that after age 65, HSA funds can be withdrawn for non ...