How to Know if You Qualify for an HSA?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses while saving on taxes. To determine if you qualify for an HSA, you need to meet specific eligibility criteria:

• You are covered under 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 cannot have other health coverage that is not an HDHP.

If you meet these criteria, you qualify for an HSA, which offers numerous benefits such as tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

Understanding whether you qualify for a Health Savings Account (HSA) can save you a significant amount on healthcare costs. First and foremost, you must be enrolled in a High Deductible Health Plan (HDHP), which generally features lower premiums but higher deductibles. Make sure you're not claimed as a dependent on someone else's tax return, are not enrolled in Medicare, and have no additional health coverage outside of your HDHP.