age limit for an hsa
Spouse is 55+. Check here if your spouse will be 55 or older this year. Your spouse's age is used to determine what catch-up contribution amount they can deposit into their own HSA. By checking the box you are indicating your spouse is 55 or older this year and that they are eligible to contribute into an HSA. At age 65, you can use your HSA to pay for Medicare parts A, B, D and Medicare HMO premiums tax-free and penalty-free. You cannot use your HSA to pay for Medigapinsurance premiums. © 2015 HSA Resources, LLC Age 65 Worksheet 5/15/2015 Purpose: This worksheet is designed to educate HSA owners reaching age 65 on three key HSA changes. (1) Penalty Free Withdrawals. At age 65, you are eligible to take money out of your HSA for any reason. (2) Pay for Health Insurance Premiums. At age 65 you can use your HSA to pay for some insurance premiums. (3) Loss of HSA Eligibility. At age 65, most Americans lose HSA eligibility because they begin Medicare. 1 2 3 See Page 2 for More Details Page 1 of 2 Changes to your HSA When You Reach 65 Age 65 General Distributions At age 65, you can take penalty-free distributions from the HSA for any reason. However, in order to be both tax-free and penalty-free the distribution must be for a qualified medical expense. Withdrawals made for other purposes will be subject to ordinary income taxes. At age 65, you can take penalty-free distributions from the HSA for any reason. both tax-free and penalty-free the distribution must be for a qualified medical expense. for other purposes will be subject to ordinary income taxes. Yearly Savings Allowed in HSA Accounts Based on Annual Limit and Age You can save up to the maximum contribution limit of $3,400 for an individual HSA health plan and $6,750 for a family HSA health plan regardless of the HDHP deductible for 2017. These limits are also subject to annual cost-of-living adjustments. Changes to your HSA When You Reach 65. Age 65 General Distributions. At age 65, you can take penalty-free distributions from the HSA for any reason. However, in order to be. both tax-free and penalty-free the distribution must be for a qualified medical expense. This Health Savings Account (HSA) calculator determines the amount you are allowed to contribute to your HSA account for the current tax year. The maximum amount of money that can be deposited into an HSA depends on several factors including the account holder's age, and whether the person has single or family coverage. The IRS defines a qualifying child dependent as follows: 1  Daughter, son, stepchild, sibling or stepsibling (or any descendent of these) 2  Has same principal place of abode for more than one-half of taxable year. 3  AND not yet age 19 (not yet age 24 if student) 4  OR permanently and totally disabled. In order to put money into an HSA you are required to have a High Deductible Health Plan (HDHP) in effect for either you or your family. A HDHP is simply health insurance that meets certain minimum deductible and maximum out-of-pocket expense requirements. The table below shows the limits for HSA's in 2017.
At age 65, you can take penalty-free distributions from the HSA for any reason.