Can You Contribute to HSA If Not Employed?

Many people wonder if they can contribute to a Health Savings Account (HSA) if they are not employed. The answer is yes! You can still contribute to an HSA even if you are not currently employed.

Here's how you can contribute to an HSA when you are not employed:

• Individual HSA: If you had an HSA while you were employed, you can keep and continue to contribute to it even after leaving your job.
• Spousal HSA: If your spouse has an HSA through their employer, you can be added as an authorized user and contribute to their HSA.
• Contribute from Savings: You can contribute to your HSA from your personal savings or other sources of income.

It's important to note that there are limits to how much you can contribute to an HSA each year. For 2021, the contribution limit for an individual is $3,600, and for a family, it is $7,200.

Contributing to an HSA when you are not employed is a great way to continue saving for future healthcare expenses and enjoy the tax benefits that come with an HSA.

Many people are surprised to learn that they can contribute to a Health Savings Account (HSA) even if they aren’t currently employed. This means you don’t have to be tethered to a job to take advantage of the many benefits that HSAs offer! For those who have left their jobs, maintaining an HSA can be a smart financial decision.