Can I Contribute to an HSA Plan if Not Working?

Many people wonder if they can contribute to an HSA plan if they are not currently working. The answer is yes, you can still contribute to an HSA plan even if you are not employed.

HSAs are individual accounts that allow you to save money for medical expenses tax-free. Here are some ways you can contribute to an HSA plan even if you are not working:

• Through savings: If you have savings or other sources of income, you can still contribute to an HSA plan.
• Spousal contributions: If your spouse has an HSA plan through their employer, they can make contributions on your behalf.
• Rollover contributions: If you had an HSA plan while you were employed and have since left that job, you can still make contributions to that account.

It's important to note that there are contribution limits set by the IRS each year. For 2021, the contribution limit for an individual is $3,600, and for a family, it is $7,200. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

Contributing to an HSA plan can help you save for future medical expenses and provide a tax advantage. Even if you are not currently working, you can still take advantage of the benefits of an HSA plan.

If you're wondering about contributing to an HSA plan while not working, you're in luck! There are several routes to keep your health savings growing even during periods of unemployment.