Who Can Self-Fund an HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while reducing your taxable income. One of the key benefits of an HSA is that you can self-fund it, but who exactly is eligible to do so?

If you are wondering who can self-fund an HSA, the answer is quite straightforward. To be eligible to self-fund an HSA, you 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

As long as you meet these basic requirements, you are eligible to self-fund an HSA and start enjoying the tax advantages it offers.

Health Savings Accounts (HSAs) are powerful tools for managing healthcare costs and can significantly reduce your taxable income. To start self-funding an HSA, ensure you are covered by a High Deductible Health Plan (HDHP), as this is a crucial criterion.