Your maximum participation period begins when you open your first FHSA and ends on December 31 of the year in which the earliest of the following events occur
- The 15th anniversary of opening your first FHSA;
- You turn 71 years of age;
- The year following your first qualifying withdrawal from your FHSA.
In order to avoid unintended tax consequences, you should close all of your FHSAs before your maximum participation period ends.