Understanding HSA Eligibility Requirements: Who Can Open an HSA?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs, but not everyone is eligible to open one. To be eligible for an HSA, you must meet certain criteria:

• 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 any other non-HDHP health insurance.

Additionally, there are specific requirements for contributions to an HSA:

• You must be under the age of 65.
• You must not have any disqualifying coverage.
• You must not have received benefits from Veterans Affairs (VA) in the past three months.

When considering opening an HSA, it is important to understand these eligibility requirements to ensure you can take advantage of the benefits they offer.

Health Savings Accounts (HSAs) are a fantastic way to save for medical expenses, but understanding the eligibility requirements is crucial before opening one. To qualify for an HSA, you need to be enrolled in a High Deductible Health Plan (HDHP).