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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-medical ...
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 ...
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that’s unique to an HSA, according to Kevin Shahnazari, founder of FinlyWealth, is that after age 65, HSA funds can be withdrawn for non ...
The good news is that once you turn 65, you can take a penalty-free HSA withdrawal for any purpose. If that withdrawal isn't medical in nature, you'll have to pay taxes on the funds you remove.
Plus, taxable accounts don't penalize withdrawals before you're 59 1/2, making them a great option to tap into if you plan to retire early. Dig deeper: Tax breaks after 50 you might not know about. 3.
Tax-Free Withdrawals From a Health Savings Account. ... After you turn 65, you can also withdraw money tax-free from the HSA to pay premiums for Medicare Part B, Part D and Medicare Advantage (but ...
By contributing to your HSA throughout your working years, you can accumulate funds that can be used tax-free for qualified medical expenses in retirement, including Medicare premiums, long-term ...
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