What Do I Need to Open an HSA Account?

Opening a Health Savings Account (HSA) is a great way to save for medical expenses while enjoying tax benefits. To open an HSA account, you need to have the following:

• Eligibility under an HSA-qualified high deductible health plan (HDHP).
• No other health coverage that is not an HDHP.
• Not enrolled in Medicare.
• Not claimed as a dependent on someone else's tax return.
• A social security number.
• An HSA-eligible bank or financial institution to open your account with.

Once you have these requirements in place, you can proceed to open your HSA account, typically through your employer or directly with a financial institution.

To successfully open a Health Savings Account (HSA), you’ll want to ensure you meet specific criteria, starting with being a participant in an HSA-qualified high deductible health plan (HDHP). This means your plan needs to align with IRS guidelines that define a high deductible.