Can You Receive Social Security and Contribute to HSA Account?

Yes, you can receive Social Security benefits and contribute to an HSA (Health Savings Account) as long as you meet the eligibility criteria for both programs.

Here's a breakdown of how Social Security and HSA contributions work together:

• Social Security Benefits: Social Security benefits are meant to provide financial support to retired or disabled individuals.
• HSA Contributions: Health Savings Accounts are used to save money for medical expenses and offer tax benefits.

Some key points to consider:

• Individuals receiving Social Security can contribute to an HSA if they have a high deductible health insurance plan.
• Contributions to an HSA are tax-deductible, reducing the individual's taxable income.
• Using HSA funds for qualified medical expenses is tax-free.

It's important to note that:

• Social Security benefits alone do not disqualify you from contributing to an HSA.
• Consult with a financial advisor or tax professional to understand the rules and limits regarding HSA contributions while receiving Social Security benefits.

Absolutely! If you're receiving Social Security, you can still make contributions to your Health Savings Account (HSA), provided you have a high deductible health plan (HDHP) and meet the necessary qualifications.