How to Know If I Am Eligible to Contribute to My HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. To know if you are eligible to contribute to your HSA, you need to meet certain criteria:

Qualifications for HSA Eligibility:

• You are covered by a High Deductible Health Plan (HDHP).
• You cannot be claimed as a dependent on someone else's tax return.
• You are not enrolled in Medicare.
• You do not have other non-HDHP health coverage.

If you meet these criteria, you are eligible to contribute to your HSA and enjoy the tax advantages it offers.

Understanding if you can contribute to a Health Savings Account (HSA) can streamline your savings for medical needs while yielding substantial tax advantages. The eligibility criteria include having a High Deductible Health Plan (HDHP), being unable to be claimed as a dependent on someone else's tax return, not being enrolled in Medicare, and lacking other non-HDHP health coverage.