Who Can Apply for an HSA?

Health Savings Accounts (HSAs) are valuable tools for individuals looking to save money for future medical expenses while enjoying tax advantages. But who is eligible to apply for an HSA?

To be eligible for an HSA, an individual must meet the following criteria:

• Be covered by a High Deductible Health Plan (HDHP)
• Not be claimed as a dependent on someone else's tax return
• Not be enrolled in Medicare
• Not be covered by any other non-HDHP health plan

If you meet these criteria, you can apply for an HSA and start saving for your healthcare costs. Keep in mind that both employers and individuals can contribute to an HSA, providing multiple avenues for funding.

Health Savings Accounts (HSAs) provide incredible opportunities for individuals to not only save for medical expenses but also enjoy significant tax advantages. So, who is qualified to open one? The eligibility criteria are straightforward.

To qualify for an HSA, you need to meet a few essential requirements:

• You must be covered by a High Deductible Health Plan (HDHP).
• You should not be claimed as a dependent on anyone else's tax return.
• You should not be enrolled in Medicare.
• You cannot be covered by any other health plan that is not an HDHP.

Once you confirm these conditions, you're ready to apply for an HSA and start efficiently saving for your medical expenses. Notably, both employers and employees may contribute to the account, presenting various means of funding it.