HSA Eligibility Requirements: Everything You Need to Know

Health Savings Accounts (HSAs) are a valuable tool for managing your healthcare expenses while saving for the future. To be eligible for an HSA, you must meet certain requirements:

1. You must be covered by a High Deductible Health Plan (HDHP)
2. You cannot be claimed as a dependent on someone else's tax return
3. You cannot be enrolled in Medicare
4. You cannot have other health coverage that is not an HDHP
5. You must not be receiving VA benefits for non-service-connected disabilities

Meeting these requirements allows you to take advantage of the tax benefits of an HSA, such as tax-deductible contributions, tax-free interest and withdrawals for qualified medical expenses.

Understanding Health Savings Accounts (HSAs) can be essential for your financial health. To qualify for an HSA, you must first have a High Deductible Health Plan (HDHP), which needs to meet specific minimum deductibles and out-of-pocket limits.