Can I Collect Social Security and Contribute to an HSA If I'm 62?

Being 62 and eligible to collect Social Security benefits is a common milestone that many individuals reach. However, individuals in this age group often wonder about their eligibility to contribute to a Health Savings Account (HSA) while receiving Social Security benefits. The good news is, yes, you can collect Social Security and contribute to an HSA simultaneously if you meet certain criteria.

Here are some important points to consider:

• Individuals aged 62 and older can contribute to an HSA if they are covered by a High Deductible Health Plan (HDHP) and not enrolled in Medicare.
• If you are still working and have an employer-sponsored HDHP, you can continue to contribute to your HSA, even if you are collecting Social Security benefits.
• However, if you enroll in Medicare, you are no longer eligible to contribute to an HSA.
• Once you reach the age of 65 and enroll in Medicare, you can no longer contribute to your HSA, but you can still use the funds in your HSA for qualified medical expenses tax-free.
• It's important to understand the rules and regulations surrounding HSAs and Social Security benefits to maximize your benefits and avoid any penalties.

Overall, it is possible to collect Social Security and contribute to an HSA if you are 62, as long as you meet the eligibility criteria and follow the guidelines set forth by the IRS.

At the age of 62 and eligible for Social Security, many might be surprised to learn that contributing to a Health Savings Account (HSA) is still an option, as long as you haven’t enrolled in Medicare. This flexibility allows you to take full advantage of your savings for healthcare costs while still receiving those benefits.