What Happens to my HSA if I Enroll in Medicare or Turn 65?
Once you enroll in Medicare, you can no longer contribute to your HSA starting in the month you enroll. However, you can still use the funds accumulated for qualified out-of-pocket medical expenses. When you turn 65, you can use your HSA funds for any purpose without facing penalties, but you will need to pay taxes on any amount of money withdrawn that is not used for medical expenses. These rules are essential for effectively managing your HSA and planning future healthcare costs.
