What happens to my HSA if I retire?

What happens to my HSA if I retire?

When you retire, your Health Savings Account (HSA) remains yours. You can continue to use the funds for qualified medical expenses.

Can I still contribute to my HSA after I retire?

You can only contribute to your HSA if you have a high-deductible health plan (HDHP). If you switch to Medicare, you can no longer contribute.

What if I don't use all the money in my HSA before I retire?

Any unused funds in your HSA roll over year to year, so you can use them for future medical expenses even after retirement.

Are there any tax implications when I withdraw from my HSA after retirement?

Withdrawals for qualified medical expenses are tax-free. However, if you withdraw for non-medical expenses after age 65, you'll pay income tax but no penalty.