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My spouse and I turn 65 this year and will sign up for Medicare. Can we still use the money in our HSA?
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- My spouse and I turn 65 this year and will sign up for Medicare. Can we still use the money in our HSA?
- Yes. Although you can’t contribute to an HSA after you enroll in Medicare, you can keep the account and use your HSA funds tax free for eligible medical expenses after age 65. You can use HSA dollars for a broad range of medical expenses, including premiums for Medicare Parts A, B and D (prescription drugs), and to pay Medicare Advantage plan premiums. You may also pay qualified long-term care premiums. However, you can’t use HSA money tax free to pay Medicare Supplement or “Medigap” premiums. Remember, you will owe taxes on any withdrawals for non-eligible medical expenses.