What are the requirements of an HSA? Am I eligible?

Before opening a Lively HSA, the individual must:

1. Be covered by a qualifying High-Deductible Health Plan.¹
2. Not be concurrently enrolled in any other non-HSA qualified health insurance plan.²
3. Not have or be eligible for reimbursement under a general-purpose Flexible Spending Account (FSA).
   1. Exception: A limited-purpose FSA for dental, vision, and/or dependent care is allowed if their HDHP doesn’t cover those services.³
4. Not be claimed as a dependent on someone else’s tax return.⁴
5. Not be enrolled in Medicare (Part A or B) or Medicaid.⁵
6. Be 18 years of age or older.

Need more details? Read more on the health plan and personal requirements for HSA-eligibility.

1. “26 U.S. Code § 223 - Health Savings Accounts: 223(a) Deduction Allowed.” Legal Information Institute. Cornell Law School. https://www.law.cornell.edu/uscode/text/26/223.

2. “26 U.S. Code § 223 - Health Savings Accounts: 223(c)(3)(C) Permitted Insurance.” Legal Information Institute. Cornell Law School. https://www.law.cornell.edu/uscode/text/26/223.

^{3. “26 U.S. Code § 223 - Health Savings Accounts: 223(c)(1)(B)(iii) Certain Coverage Disregarded.” Legal Information Institute. Cornell Law School. https://www.law.cornell.edu/uscode/text/26/223.}

^{4. “26 U.S. Code § 223 - Health Savings Accounts: 223(b)(6) Denial of Deduction to Dependents.” Legal Information Institute. Cornell Law School. https://www.law.cornell.edu/uscode/text/26/223.}

^{5. “26 U.S. Code § 223 - Health Savings Accounts: 223(b)(7) Medicare Eligible Individuals.” Legal Information Institute. Cornell Law School. https://www.law.cornell.edu/uscode/text/26/223.}