Does FAMIS Disqualify You for an HSA?

If you are enrolled in the Family Access to Medical Insurance Security (FAMIS) program, you may wonder if it disqualifies you from having a Health Savings Account (HSA). The good news is that being on FAMIS does not automatically disqualify you from having an HSA. However, there are some important considerations to keep in mind.

Here are a few things to know about FAMIS and HSAs:

• FAMIS provides low-cost health insurance for children and pregnant women in Virginia who don't qualify for Medicaid but can't afford private insurance.
• While FAMIS itself does not disqualify you from having an HSA, you must meet the IRS eligibility requirements to open and contribute to an HSA.
• To contribute to an HSA, you must be covered by a High Deductible Health Plan (HDHP) and have no other disqualifying health coverage, such as Medicare or other non-HDHP insurance.
• If you are on FAMIS and also have an HDHP, you may be eligible to open an HSA and make contributions, as long as you meet all other IRS guidelines.
• It's essential to consult with a financial or tax advisor to understand the specific rules and how they apply to your situation.

In conclusion, being on FAMIS does not automatically disqualify you from having an HSA, but you must meet the IRS eligibility requirements. With the right information and guidance, you can make informed decisions about your healthcare and financial future.

If you're enrolled in the Family Access to Medical Insurance Security (FAMIS) program, you might be asking yourself how it impacts your eligibility for a Health Savings Account (HSA). Fortunately, FAMIS does not outright disqualify you from owning an HSA, but there are key factors to consider.