Who Can Put Money in a HSA?

A Health Savings Account (HSA) is a great way to save for medical expenses while enjoying tax benefits. But who can contribute to an HSA?

Any individual who meets the following criteria can put money in an HSA:

• Be covered by a qualified high-deductible health plan (HDHP)
• Not be claimed as a dependent on someone else's tax return
• Not be enrolled in Medicare

Aside from individuals, other parties can also contribute to an HSA, including:

• Employers
• Family members
• Anyone else on behalf of the account holder

A Health Savings Account (HSA) is a wonderful tool for managing healthcare costs and maximizing your tax savings! It's essential to understand who can contribute. To be eligible, you must be covered under a qualified high-deductible health plan (HDHP), cannot be claimed as a dependent on another person’s tax return, and should not be enrolled in Medicare.

Contributions can also come from various sources beyond just the account holder, like employers, family members, or friends who want to help with your medical expenses. This makes HSAs versatile and beneficial for comprehensive healthcare planning.