How Old Do You Have to Be to Open an HSA?

If you're wondering about the age requirement to open a Health Savings Account (HSA), you'll be pleased to know that there is no specific age limit for contributing to an HSA.

However, there are certain criteria you need to meet in order to qualify for an HSA:

• You must be enrolled in a High Deductible Health Plan (HDHP).
• You cannot be claimed as a dependent on someone else's tax return.
• You must not be enrolled in Medicare.

These criteria are more important than age when it comes to opening an HSA.

That being said, minors can have an HSA as long as they meet the qualifying criteria. For minors, a parent or guardian usually acts as the custodian of the account.

Opening an HSA can provide you with tax advantages and help you save for medical expenses in a tax-advantaged way. It's a valuable tool for managing healthcare costs.

When it comes to opening a Health Savings Account (HSA), there is no explicit age restriction, which may surprise many. What truly matters is your enrollment status in a High Deductible Health Plan (HDHP) and fulfilling other eligibility requirements.