Can I Have an HSA While on Disability?

If you are on disability, you may wonder if you can still have a Health Savings Account (HSA). The answer is yes, individuals on disability can have an HSA as long as they have a high-deductible health plan (HDHP). Here's everything you need to know about having an HSA while on disability:

Benefits of Having an HSA While on Disability:

• Can still save money tax-free for medical expenses
• Control over how funds are utilized
• Contribute to the account if able

Requirements for Having an HSA While on Disability:

• Enrollment in a HDHP
• Not enrolled in Medicare
• Meet eligibility criteria for an HSA

It's essential to understand that HSA funds can be used for qualified medical expenses, even if you are on disability. This provides flexibility and financial support during challenging times. Consult with a financial advisor or your HSA provider to ensure compliance with IRS regulations.

Being on disability should not impede your ability to save for medical expenses, and a Health Savings Account (HSA) is a powerful tool for that. If you're participating in a high-deductible health plan (HDHP), you can absolutely maintain an HSA.