What is Required to Qualify for an HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. To qualify for an HSA, you must meet certain eligibility requirements:

• 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 have any other non-HDHP health coverage.
• You are not enrolled in Medicare.
• You cannot be covered by a Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA).

Once you meet these criteria, you can open an HSA and start contributing to it to cover your medical expenses.

Health Savings Accounts (HSAs) provide an excellent avenue for individuals to not only save for medical expenses but also enjoy substantial tax benefits. To qualify for an HSA, it's essential to be covered by a High Deductible Health Plan (HDHP) which often has lower premiums, allowing you to save even more. Additionally, you must verify that you cannot be claimed as a dependent on someone else's tax return and that you have no other non-HDHP health coverage. Moreover, those enrolled in Medicare or covered by a Flexible Spending Account (FSA) or a Health Reimbursement Arrangement (HRA) are not eligible. By meeting these eligibility criteria, you can open your HSA and begin contributing funds towards your healthcare needs, maximizing your savings potential.