How Do I Know If I Am Eligible for HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits, but not everyone is eligible to open one. To determine if you qualify for an HSA, consider the following factors:

• You must be covered by 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 health coverage that is not an HDHP.

If you meet these eligibility criteria, you can open an HSA and start saving for your healthcare expenses.

If you're considering a Health Savings Account (HSA), it's essential to first check your eligibility. Understanding the rules can help you make the most out of your healthcare savings. Here are the key eligibility criteria you need to meet:

• You must have a High Deductible Health Plan (HDHP) that meets specific deductibles set by the IRS.
• Being claimed as a dependent on someone else's tax return disqualifies you from opening an HSA.
• Enrollment in Medicare at any point prohibits you from contributing to an HSA.
• It's important to note that you cannot have additional non-HDHP health coverage at the same time.

Once you confirm that you meet these criteria, you can open an HSA and unlock the potential to save for your healthcare costs tax-free!