Who Can You Cover Under HSA?

When it comes to Health Savings Accounts (HSAs), it's essential to understand who you can cover under this beneficial healthcare savings plan. An HSA allows individuals to save and pay for qualified medical expenses with pre-tax dollars, providing a tax-advantaged way to manage healthcare costs.

So, who can you cover under HSA? Here are the eligible individuals:

• You, as the account holder
• Your spouse
• Dependents who are claimed on your tax return

It's important to note that not everyone is eligible to be covered under an HSA. To qualify, you must meet certain criteria, such as being enrolled in a high-deductible health plan (HDHP).

When considering who to cover under your HSA, keep in mind that the funds in the account can be used to pay for qualified medical expenses for all covered individuals, providing flexibility and financial support for your healthcare needs.

Health Savings Accounts (HSAs) are a fantastic tool for managing healthcare expenses, but it's crucial to know who is eligible for this coverage. In addition to yourself, you can include your spouse and any dependents you claim on your taxes as covered individuals under your HSA.