Do I Qualify for HSA? Understanding Health Savings Account Eligibility

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs and saving for the future. To determine if you qualify for an HSA, there are specific eligibility criteria you need to consider.

Generally, to qualify for an HSA, you must meet the following requirements:

• Be covered by a High Deductible Health Plan (HDHP)
• Not be covered by other health insurance that is not an HDHP
• Not enrolled in Medicare
• Not claimed as a dependent on someone else's tax return
• Not covered by a Health Care Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA)

If you meet these criteria, you are likely eligible to open and contribute to an HSA. Keep in mind that some additional considerations may apply, so it's essential to consult with a financial advisor or tax professional to ensure you meet all requirements.

Health Savings Accounts (HSAs) offer an excellent way to save on healthcare expenses while allowing your savings to grow tax-free, but first, you need to determine if you qualify.