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The first thing to know is that you’re allowed to withdraw money penalty-free from your HSA for any reason after 65. Before that time, if you withdraw money other than for qualifying medical ...
However, the 20 percent penalty for non-medical expenses does not apply after age 65. Cover health care costs: You can use your HSA to fund health care needs like COBRA premiums or Medicare Parts ...
Plus, if you take a distribution after age 65, you won’t have to pay taxes on the total amount withdrawn. If maxing out your HSA is not in the cards for you, you can select a different amount.
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 One of its main benefits is that there is no tax on the funds, whether kept in the account or withdrawn to ...
A health savings account (HSA) is a tax-advantaged medical savings account available to U.S. taxpayers enrolled in a high-deductible health plan (HDHP). The primary purpose of an HSA is to assist ...
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 ...