Can I Set Up a HSA if I Am Not an Employee?

If you are not a traditional employee, you may still be able to set up a Health Savings Account (HSA). An HSA is a tax-advantaged savings account that allows you to save money for medical expenses. While HSAs are commonly offered as part of employee benefits packages, self-employed individuals and those with high-deductible health plans are also eligible to open an HSA.

Here are some key points to consider:

• Self-employed individuals can set up an HSA as long as they have a high-deductible health plan.
• Individuals with high-deductible health plans through sources such as the Health Insurance Marketplace can also qualify for an HSA.
• If you are not an employee and do not have a high-deductible health plan, you would not be eligible to open an HSA.

Setting up an HSA can provide valuable tax benefits and help you save for future medical expenses. Be sure to consult with a financial advisor or tax professional to determine if an HSA is the right choice for your financial situation.

Yes, you can absolutely set up a Health Savings Account (HSA) even if you're not a traditional employee! If you're self-employed or freelance, having a high-deductible health plan (HDHP) is your ticket to accessing the benefits of an HSA.