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After age 65 you can withdraw the money for non-medical expenses without a 20% penalty and use it for whatever you want — but you will still have to pay taxes on the non-medical withdrawals.
While Medicare premiums and many other medical expenses are tax deductible, the IRS has a short list of medical expenses that don't qualify for the deduction. These include: Cosmetic surgery
As you get older, it's no surprise that you usually have more healthcare needs. Medicare can cover the bulk of your medical expenses after you turn 65, but it still leaves some potentially large ...
Medicare recipients who take expensive prescriptions will get a break this year with a $2,000 cap on drug costs. The cap will reduce out-of-pocket spending for potentially millions of older ...
Most seniors don't pay a premium for Part A, but they do for Part B. The standard Part B monthly premium rose from $174.70 in 2024 to $185.00 in 2025. 5 2025 Medicare Changes Every Retiree Should Know
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 ...