Can I Contribute to a HSA from an Old Company?

Many individuals wonder if they can contribute to a Health Savings Account (HSA) from an old company even after leaving the employer. The short answer is yes, you can contribute to an HSA from an old company as long as certain conditions are met.

Here are some important points to consider:

• You can contribute to an HSA from an old company if you had an HSA-eligible High Deductible Health Plan (HDHP) in place when you were employed.
• You must not be enrolled in Medicare to contribute to an HSA.
• You can only contribute to an HSA for the months you were covered by an HDHP. If you were not covered by an HDHP for the entire year, your contribution limit may be prorated.
• Contributions to an HSA from an old company are tax-deductible, even if you no longer work for the employer.
• You can also make catch-up contributions if you are 55 or older.

Overall, it is possible and beneficial to contribute to an HSA from an old company, as it allows you to continue saving for medical expenses tax-free. Be sure to consult with a financial advisor or tax professional for personalized advice based on your specific situation.

If you've recently left a job but had a Health Savings Account (HSA) tied to an HSA-eligible High Deductible Health Plan (HDHP), you may be wondering about the possibility of contributing to that account. Yes, you can continue making contributions to your HSA from an old company, providing you adhere to certain conditions.

For starters, keep in mind that your eligibility to contribute is directly linked to your HDHP coverage. If you were covered by an HDHP while employed, and you're not enrolled in Medicare, you can make contributions. However, be mindful that contributions can only be made for the months you were covered. Additionally, contributions are tax-deductible, which adds an extra layer of financial benefit.