Who is Eligible for HSA Accounts?

Health Savings Accounts (HSAs) are a powerful tool for managing healthcare costs. To be eligible for an HSA account, individuals must meet certain 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

Additionally, individuals must meet the following eligibility requirements:

• Must be 18 years or older
• Must not be covered by any other non-HDHP health plan

Employers may also offer HSA accounts as a benefit to their employees. If you meet the eligibility criteria, consider opening an HSA account to save money on healthcare expenses and invest in your future!

Health Savings Accounts (HSAs) are designed to help individuals save for medical expenses tax-free. To qualify for an HSA, you need to be enrolled in a High Deductible Health Plan (HDHP) that meets specific IRS criteria. This means your deductible must be at least $1,400 for individual coverage and $2,800 for family coverage, as of 2023.

• Ensure you are covered by a High Deductible Health Plan (HDHP)
• Cannot be claimed as a dependent on someone else’s tax return
• Additionally, individuals may not be enrolled in Medicare while opening an HSA

Age matters too; you must be at least 18 years old to create an HSA. And if you have another health plan that isn't a HDHP, then you won’t be eligible for this fantastic savings tool. Employers often also promote HSAs as valuable benefits to employees. If you meet these requirements, an HSA can offer substantial savings on healthcare costs while securing your financial future!