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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.
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 One of its main benefits is that there is no tax on the funds, whether kept in the account or withdrawn to ...
So in this example, if you know you intend to enroll at age 67, you should halt HSA contributions at 66 1/2. However, this rule only applies if you're signing up for Medicare after age 65.
Withdrawals for qualified medical expenses are tax-free at any age, but once you reach age 65, you can use your HSA money for any reason, as long as you pay taxes on withdrawals used for non ...
If you want to make a tax-free withdrawal from your HSA before you turn 65, you’ll need to use the funds for a qualified medical expense. Although there is a lengthy list of qualified medical ...
You can also withdraw funds from an existing HSA after you enroll in Medicare. In fact, you can use that money to pay Medicare deductibles, premiums, copayments and other out-of-pocket medical ...
You can now withdraw money tax-free from the HSA for additional expenses, have more time to contribute for 2019 and you may be able to tap the account tax-free to pay health insurance premiums if ...
After you turn 65, you can also use the funds for non-medical expenses. In 2024, you can contribute up to $4,150 if you have an individual plan or $8,300 for a family plan. Folks over 55 can ...