Can I Contribute to HSA with MinnesotaCare?

If you are wondering whether you can contribute to an HSA while being enrolled in MinnesotaCare, the answer is no. MinnesotaCare is considered a form of Medicaid, which makes you ineligible to contribute to a Health Savings Account (HSA).

MinnesotaCare provides affordable health care coverage to individuals and families who do not have access to employer-sponsored insurance and do not qualify for Medical Assistance. While it offers vital healthcare benefits, it does not align with HSA eligibility requirements.

HSAs are designed to work in conjunction with high-deductible health plans (HDHPs), allowing individuals to save pre-tax dollars for medical expenses. To contribute to an HSA, you must meet specific criteria:

• You must be enrolled in an HDHP
• You cannot be covered by any other health insurance plan that is not an HDHP
• You cannot be enrolled in Medicare
• You cannot be claimed as a dependent on someone else's tax return

Since MinnesotaCare does not qualify as an HDHP, individuals enrolled in this program are unable to contribute to an HSA.

Unfortunately, if you are enrolled in MinnesotaCare, you will not be able to contribute to an HSA. MinnesotaCare functions like Medicaid, which disqualifies you from making contributions to a Health Savings Account.