How Do You Know If You Are Eligible for HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. But how do you know if you are eligible for an HSA?

Here are some key points to consider:

• 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 be covered by another non-HDHP insurance plan.
• You must not have received VA medical benefits in the past three months.

If you meet these criteria, then you are eligible for an HSA and can start enjoying the benefits it offers!

Understanding whether you're eligible for a Health Savings Account (HSA) is crucial for maximizing your healthcare savings. Here’s what you need to know:

• You must have coverage through a High Deductible Health Plan (HDHP) that meets specific requirements.
• Being a dependent on another tax return disqualifies you from HSA eligibility.
• If you’re enrolled in Medicare, you're unfortunately not eligible.
• Having any other non-HDHP insurance plan can affect your eligibility.
• Lastly, if you've utilized VA medical benefits in the last three months, you won't qualify either.

Check these criteria to see if you can reap the massive tax benefits of an HSA!