Are there any age restrictions regarding opening an HSA?
• The only age-related restriction for HSAs is that once an HSA account owner becomes enrolled in Medicare, contributions to the account must stop. Generally this means at age 65. If, however, you become disabled and entitled to Medicare, contributions to the account must stop for the month in which you become enrolled. If the person can be claimed as a dependent on someone else’s tax return, they are ineligible to open an HSA. Although not an age restriction, generally you cannot open an HSA for your child if you, or someone else, claims them as a dependent.
The only age-related restriction is that once an HSA account owner becomes enrolled in Medicare, contributions to the account must stop. Generally this means at age 65. If, however, you become disabled and entitled to Medicare, contributions to the account must stop for the month in which you become enrolled. If the person can be claimed as a dependent on someone else’s tax return, they are ineligible to open an HSA. Although not an age restriction, generally you cannot open an HSA for your child if you, or someone else, claims them as a dependent.
