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If you remove money from your HSA after turning 65 and use it for non-qualified medical expenses, you still have to pay income tax on that amount, but you will not pay the 20% tax penalty. Final Take
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.
An HSA functions much like a traditional IRA once you turn 65, with withdrawals being taxed at ordinary income rates and without the usual 20 percent bonus penalty.
A health savings account (HSA) ... 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 ...
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Health Savings Accounts or HSAs help offset your out-of-pocket healthcare costs when you have a high deductible health plan (HDHP). ... couples who retired at age 65 in 2021 could need roughly ...
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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 ...