Who Can Open an HSA?

To qualify for a Health Savings Account (HSA), you must be covered by a health insurance plan officially recognized as a high deductible health plan (HDHP). However, not all HDHPs are eligible for HSAs. If your high deductible plan offers any benefits or coverage before you meet the deductible, it will not qualify for an HSA. To determine if your plan is eligible, you can consult your health plan administrator. Additionally, you must have no other health insurance coverage, cannot be enrolled in Medicare, and cannot be claimed as a dependent on someone else’s income tax return. Understanding these requirements is essential for making the most of your HSA benefits.