Who Can My HSA Cover? Exploring the Benefits of Health Savings Accounts

Health Savings Accounts (HSAs) offer individuals and families a tax-advantaged way to save and pay for qualified medical expenses. One common question that arises is, 'Who can my HSA cover?' The scope of coverage under an HSA can include the account holder, spouse, and dependents.

Here's a breakdown of who can be covered under your HSA:

• Account Holder: You, as the primary account holder, are eligible to use HSA funds to cover your own medical expenses.
• Spouse: Your spouse can also be covered under your HSA, allowing you to use HSA funds for their qualified medical expenses.
• Dependents: In most cases, your dependents, including children and other qualifying individuals, can be covered by your HSA as well.

It's important to note that the IRS has specific rules regarding who qualifies as a dependent for HSA purposes. Generally, dependents must meet certain criteria, such as not providing more than half of their own financial support and being a U.S. citizen or resident alien.

By including your spouse and dependents in your HSA coverage, you can maximize the benefits of these accounts and ensure that your loved ones have access to quality healthcare without incurring unnecessary costs.

Health Savings Accounts (HSAs) are an excellent financial tool that allows you to save money for medical expenses, and one of the most vital aspects to understand is who can be covered. Your HSA can cover not only yourself but also your spouse and your dependents, enhancing your family's healthcare options.