Who Can Open an HSA?
To qualify for an HSA, you must be covered by a health insurance plan officially designated by the provider as a high deductible health plan (HDHP). However, not all HDHP plans are HSA eligible. An otherwise high deductible plan fails the HSA qualification if it provides some benefits or coverage before you meet the deductible. Your health plan administrator can advise you on the eligibility of your plan for an HSA. Additionally, you may not have any other health insurance coverage, you may not be enrolled in Medicare, and you cannot be claimed as a dependent on another person’s income tax return.
