Who is eligible for a HSA account?

Health Savings Accounts (HSAs) are a valuable tool for saving money on medical expenses. They offer tax advantages and flexibility, making them a popular choice for many individuals and families. So, who is eligible for a HSA account?

To be eligible for a Health Savings Account, you must meet the following criteria:

• You must be covered by a High Deductible Health Plan (HDHP).
• You cannot be claimed as a dependent on someone else's tax return.
• You cannot be enrolled in Medicare.
• You cannot be covered by any other non-HDHP health insurance plan.
• You cannot have received VA benefits within the past three months.

If you meet these requirements, you are eligible to open and contribute to a Health Savings Account. It's important to note that both employers and individuals can contribute to an HSA account, providing even more opportunities for saving on medical expenses.

To establish a Health Savings Account (HSA), it’s crucial to understand the eligibility criteria that dictate who can open one. First and foremost, you must be enrolled in a High Deductible Health Plan (HDHP), which typically comes with higher deductibles compared to standard health plans. Additionally, if you're currently a Medicare beneficiary, you won't be able to make contributions to an HSA.