Who Can Set Up a Health Savings Account (HSA)?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. But who is eligible to set up an HSA? Let's delve into the details!

Eligibility to Set Up an HSA:

To establish an HSA, individuals must meet certain criteria:

• Must be enrolled in a High Deductible Health Plan (HDHP)
• Cannot be claimed as a dependent on someone else's tax return
• Must not be enrolled in Medicare
• Cannot have other health coverage that is not an HDHP

Additionally, the following individuals can also set up an HSA:

• Self-employed individuals
• Those covered under an HDHP offered by their employer
• Individuals whose employers do not offer health insurance

Curious about Health Savings Accounts (HSAs) and who can benefit from them? If you're looking to take control of your healthcare spending while reaping tax rewards, understanding HSA eligibility is crucial. Let’s explore who can set up a Health Savings Account!