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

1. Before opening an HSA, the individual must be covered by a qualifying High-Deductible Health Plan.¹
2. They can’t be concurrently enrolled in any other non-HSA qualified health insurance plan.²
3. They can’t have or be eligible for reimbursement under a general-purpose Flexible Spending Account (FSA). However, they are allowed to have a limited-purpose FSA for dental, vision, and/or dependent care if their HDHP doesn’t cover those services.³
4. They can not be claimed as a dependent on someone else’s tax return.⁴
5. They can’t be enrolled in Medicare (Part A or B) or Medicaid.⁵

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.}