Health Savings Account · Also called: HDHP, High-Deductible Health Plan
An account for people covered by a high-deductible health plan: contributions are deductible, growth is untaxed, and withdrawals for qualified medical costs are tax-free. There are no RMDs.
You can no longer contribute once you are enrolled in any part of Medicare. If you sign up for Part A after 65, coverage is backdated up to six months, but not before your month of eligibility, so contributions should stop six months before you apply for Medicare or Social Security.
After 65 an HSA can pay Medicare Part B, Part D and Medicare Advantage premiums tax-free, but not Medigap premiums. Non-medical withdrawals after 65 are taxed as ordinary income with no penalty.