Health Savings Accounts
To be eligible for an HSA, you must:
- First enroll in a high-deductible health plan
- Not be covered by any other non-HDHP benefit plan
You are not eligible for an HSA if:
- You are claimed as a dependent on someone else’s taxes
- If you are covered by any other health plans that are not considered HDHPs, including Medicare and flexible spending accounts
NOTE to cafeteria plan participants: When an HSA is offered through your employer’s cafeteria plan, the eligibility requirements of the cafeteria plan apply.
Things to consider:
- Your anticipated health care expenses
- How active you want to be in your health care spending
- Your personal financial situation
- Other coverage you may be enrolled in through your spouse, as this may disqualify you as an eligible individual for the HSA
A conversation with your tax preparer might help you make the decision.