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Is It True That I Cannot Get Social Security And Have A Flexible Spending Account?
I turn 66 next year and plan on applying for SS benefits. I also plan on continuing to work. Right now I have a Flexible Spending Account. Someone said I cannot get SS and have a Flexible Spending Account? Is that true?
Hi,
Not exactly. First of all, by a Flexible Spending Account I assume you are referring to a Healthcare Savings Account (HSA). An HSA wouldn't preclude you from being able to draw Social Security benefits, but the problem is that if you are at least age 65 you couldn't draw Social Security benefits without also being automatically enrolled in Part A of Medicare. And, although I'm not an expert on IRS regulations my understanding is you can't qualify for an HSA if you are enrolled in Medicare (https://www.irs.gov/publications/p969#en_US_2017_publink1000204025).
Before filing for Social Security, you should strongly consider using our maximization software to explore and compare your options. The software doesn't account for HSA considerations, but likely would be very helpful in determining your best strategy for claiming Social Security benefits.
Best, Jerry