Can You Do a HSA if Self Employed? Everything You Need to Know

Are you a self-employed individual wondering if you can have a Health Savings Account (HSA)? The answer is yes, you can have an HSA if you are self-employed. In fact, having an HSA can be a great option for self-employed individuals to save for medical expenses while enjoying tax benefits.

Here is what you need to know about having an HSA when you are self-employed:

• Eligibility: Self-employed individuals who have a high-deductible health insurance plan (HDHP) can open and contribute to an HSA.
• Contributions: You can contribute to your HSA as both the employer and the employee, allowing you to save even more for healthcare expenses.
• Tax Benefits: Contributions to an HSA are tax-deductible, and the funds in the account grow tax-free. Withdrawals for qualified medical expenses are also tax-free.
• Flexibility: HSAs offer flexibility in how you can use the funds, including using them for long-term care expenses in retirement.

Overall, having an HSA as a self-employed individual can provide financial security and peace of mind when it comes to healthcare expenses. Consider speaking with a financial advisor to see if an HSA is the right choice for you.

Are you self-employed and curious about how a Health Savings Account (HSA) could work for you? The good news is, you absolutely can have an HSA. This account not only helps you save for medical expenses, but it also offers fantastic tax advantages.