Who Qualifies for an HSA in 2019?

If you're wondering who qualifies for a Health Savings Account (HSA) in 2019, you're in the right place! An HSA is a tax-advantaged savings account that allows individuals to save and pay for qualified medical expenses. Here's a breakdown of who qualifies:

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

Eligibility for an HSA is based on meeting the above criteria. If you meet these requirements, you can open and contribute to an HSA in 2019!

If you're wondering who qualifies for a Health Savings Account (HSA) in 2019, you've come to the right spot! An HSA allows you to save money tax-free for qualified medical expenses, providing significant financial relief. So, who can start contributing to an HSA?

• Individuals must be covered by a High Deductible Health Plan (HDHP), which often comes with lower premiums but higher deductibles.
• To be eligible, you should not be enrolled in Medicare, which typically includes individuals aged 65 and older.
• You cannot be claimed as a dependent on someone else’s tax return, meaning you are responsible for your own taxes.
• Additionally, it’s essential not to have any other health coverage that is not an HDHP, ensuring that your focus is on your high-deductible plan.

If you meet these criteria, great news! You can open and contribute to an HSA this year and enjoy the tax advantages that come along with it!