Who Can Have an HSA in 2019?

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HDHP requirement and HSA eligibility basics

Health Savings Accounts (HSAs) have become an increasingly popular way for individuals to save for medical expenses while enjoying tax benefits. If you are wondering who is eligible to have an HSA in 2019, here's what you need to know:

Individuals who have a High Deductible Health Plan (HDHP) are typically eligible to open and contribute to an HSA. This means you must have an HDHP to qualify for an HSA. In addition, the following criteria must be met:

• You are not covered by any other non-HDHP health insurance
• You are not enrolled in Medicare
• You are not claimed as a dependent on someone else's tax return

Additional disqualifying coverage, Medicare, dependents

If you meet these requirements, you are eligible to have an HSA in 2019 and can start saving for your medical expenses while taking advantage of the tax benefits it offers.

If you are uncertain about your eligibility or have more questions regarding HSAs, it is recommended to consult with a financial advisor or tax professional for personalized guidance.

Health Savings Accounts (HSAs) have grown in popularity as a smart way to save for healthcare expenses while reaping tax benefits. If you’re curious about who qualifies to establish an HSA, especially in 2019, here’s the scoop:

To be eligible for an HSA, you generally need to have a High Deductible Health Plan (HDHP). This is a crucial requirement for anyone wishing to take advantage of an HSA's potential. However, there are a few more boxes to check:

• You should not have any other type of health insurance that isn’t an HDHP.
• Enrollment in Medicare disqualifies you from opening or contributing to an HSA.
• If you are claimed as a dependent on someone else’s tax return, you cannot have an HSA.

Confirming eligibility with professionals

If all these apply to you, congratulations! You can open an HSA in 2019 and start maximizing your savings on medical expenses with substantial tax benefits.

Not sure about your eligibility? It’s a wise idea to chat with a financial or tax professional who can provide personalized advice.