Can I Contribute to HSA while Collecting Social Security under Age 65?

If you are under the age of 65 and collecting Social Security, you may still be eligible to contribute to a Health Savings Account (HSA). Here's what you need to know:

Even though you are receiving Social Security benefits, you can still make contributions to an HSA as long as you meet the eligibility criteria set by the IRS.

Below are some key points to consider:

• You must be enrolled in a high-deductible health plan (HDHP) to be eligible for an HSA.
• You cannot be enrolled in Medicare to contribute to an HSA.
• If you are 65 or older and enrolled in Medicare, you are no longer eligible to contribute to an HSA.
• For the year 2021, the maximum contribution limit for an individual with self-only coverage is $3,600, and for those with family coverage, it is $7,200.

It's essential to understand the rules and requirements of contributing to an HSA while collecting Social Security to make the most of this tax-advantaged savings opportunity.

If you’re under 65 and receiving Social Security benefits, you might wonder whether you can still contribute to a Health Savings Account (HSA). The good news is, you likely can! As long as you meet the IRS requirements, contributing to an HSA is allowed, providing you with a great way to save for medical expenses.