Can I Contribute to an HSA If I Am Not Working?

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Eligibility while unemployed and HDHP coverage

If you're wondering whether you can contribute to an HSA if you're not working, the short answer is yes! Being unemployed doesn't disqualify you from making contributions to a Health Savings Account (HSA). Here's how it works:

Even if you're not currently employed, you can still contribute to an HSA if you had an HSA-eligible high-deductible health plan (HDHP) during the months you want to make contributions. This means that as long as you were covered by an HDHP at some point during the year, you're eligible to contribute to an HSA for that year.

It's important to note that there are annual contribution limits set by the IRS for HSAs. These limits apply to everyone, regardless of their employment status. For 2021, the contribution limit for individuals is $3,600, and for families, it's $7,200. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

Wondering if you can still make contributions to your Health Savings Account (HSA) while being unemployed? The answer is a resounding yes! If you had an HSA-eligible high-deductible health plan (HDHP) at any time during the year, you can still keep contributing to your HSA even when you're not working.

Key reminders and contribution limits

Here are some key points to remember about contributing to an HSA when you're not working:

• You can contribute to an HSA if you had an HSA-eligible HDHP at any point during the year.
• Annual contribution limits apply to everyone, regardless of employment status.
• For 2021, the contribution limit is $3,600 for individuals and $7,200 for families.
• Individuals 55 or older can make an additional catch-up contribution of $1,000.