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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 ...
After the age of 65, you can take penalty-free withdrawals for any purpose, although you won’t enjoy the tax benefits if you use the money for living expenses or other purposes.
After the age of 65, you can make withdrawals from your HSA that are generally penalty-free. Before you turn 65, however, keep in mind that any withdrawals for non-qualified expenses aren't tax-free.
No nonmedical penalty after 65: At age 65, funds used to pay for nonmedical expenses are taxable, but there isn’t a 20 percent tax penalty. No opening deposit: Typically, there’s no minimum ...
After 65, non-medical withdrawals are not subject to a 20% penalty. Although there is not a penalty, you will have to pay income tax on the withdrawal. Broad Coverage for Medical Expenses
However, the 20 percent penalty for non-medical expenses does not apply after age 65. Cover health care cost s: You can use your HSA to fund health care needs like COBRA premiums or Medicare Parts ...