Do I Qualify for an HSA Account? Understanding Your Eligibility

If you're wondering whether you qualify for a Health Savings Account (HSA), you're not alone. HSAs are a valuable tool for managing healthcare expenses, but not everyone is eligible to open one. To determine if you qualify for an HSA, there are specific criteria you need to meet:

• You are covered by a High Deductible Health Plan (HDHP) on the first day of the month
• You have no other health coverage that is not an HDHP
• You are not enrolled in Medicare
• You cannot be claimed as a dependent on someone else's tax return

If you meet these requirements, you are eligible to open and contribute to an HSA. It's important to understand the benefits of an HSA and how it can help you save money on healthcare expenses.

Are you considering opening a Health Savings Account (HSA) but unsure if you qualify? You’re not alone! HSAs offer a fantastic way to save for healthcare expenses, but eligibility requires meeting certain criteria:

• You must be enrolled in a High Deductible Health Plan (HDHP) at the start of the month.
• Holding any other health insurance aside from an HDHP may disqualify you.
• If you're over 65 and enrolled in Medicare, you can no longer contribute to an HSA.
• Lastly, you cannot be claimed as a dependent on someone else's tax return.

Your path to opening an HSA starts here, and it can lead to significant savings on medical costs while also offering tax advantages!