Do You Have to Make Your Own Contributions to Qualify for HSA?

When it comes to qualifying for a Health Savings Account (HSA), the good news is that you don't have to make your own contributions to be eligible for an HSA. However, there are specific requirements you need to meet to qualify for an HSA:

• You must be covered under a High Deductible Health Plan (HDHP).
• You cannot be claimed as a dependent on someone else's tax return.
• You cannot be enrolled in Medicare.
• You cannot have any other first-dollar medical coverage, such as a general purpose Flexible Spending Account (FSA).

While it's not mandatory to make your own contributions, contributing to an HSA can provide you with additional tax benefits and help you save for future medical expenses.

Are you curious about the requirements for opening a Health Savings Account (HSA)? One relief you might have is that you don't need to contribute your own money to qualify for one, as long as you meet certain criteria.