Who is Ineligible for an HSA? Learn the Criteria for HSA Eligibility

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare expenses. However, not everyone is eligible to open or contribute to an HSA. Understanding who is ineligible for an HSA is crucial for individuals considering this financial health tool.

Individuals who do not meet the following criteria are ineligible for an HSA:

• Participating in a non-HDHP (High Deductible Health Plan)
• Enrolled in Medicare
• Claimed as a dependent on someone else's tax return
• Receiving benefits from the Department of Veterans Affairs (VA) in the past three months
• Having other health coverage that is not an HDHP
• Having received Social Security disability benefits

It's essential to review the eligibility criteria carefully to determine if you can open or contribute to an HSA.

Did you know that Health Savings Accounts (HSAs) can provide significant tax advantages when managing medical expenses? However, it’s important to note that not everyone qualifies for these benefits. If you fall into any of the following categories, you won't be eligible to open or contribute to an HSA:

• Participating in a non-HDHP (High Deductible Health Plan)
• Enrolled in Medicare at any age
• Claimed as a dependent on anyone else's tax return
• Receiving veterans' benefits from the Department of Veterans Affairs (VA) within the last three months
• Covered by another health plan that doesn’t qualify as an HDHP
• Received Social Security disability benefits at any time during the calendar year

It’s crucial to scrutinize these eligibility criteria to determine whether you can benefit from an HSA.