Minimum Qualifications for HSA Tax Year 2019

Health Savings Accounts (HSAs) are a great tool for saving money on medical expenses while also reducing your taxable income. However, not everyone is eligible to open and contribute to an HSA. To qualify for an HSA for the tax year 2019, you must meet the following minimum requirements:

1. Be covered under a High Deductible Health Plan (HDHP) on the first day of the month.
2. Have no other health coverage that is not an HDHP, with some exceptions such as dental, vision, and specific types of insurance.
3. Not be enrolled in Medicare.
4. Not be claimed as a dependent on someone else's tax return.

If you meet these qualifications, you can contribute to an HSA and enjoy the tax benefits that come with it.

Health Savings Accounts (HSAs) offer an incredible opportunity to manage your healthcare expenses efficiently while simultaneously lowering your taxable income. In order to be eligible for an HSA in the tax year 2019, ensure you fulfill the following criteria:

1. Maintain enrollment in a High Deductible Health Plan (HDHP) at the beginning of each month.
2. Refrain from having any other health coverage outside of an HDHP, except for certain types like dental, vision, or specific insurances.
3. Avoid being enrolled in Medicare programs.
4. Ensure you are not claimed as a dependent on another individual’s tax return.

Once you meet these conditions, you’ll be able to start contributing to your HSA and take advantage of the numerous tax benefits!