Health Savings Accounts (HSA)
A HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the account beneficiary, who is covered under a high-deductible health plan (HDHP).
Who is eligible for a Health Savings Account?
To determine if you are eligible for a HSA, refer to your insurance agent or tax advisor; your employer may also know if you are eligible. Any individual can open an HSA if, in a given month, if the individual is:
- Covered by an HDHP on the first day of that month
- Not covered by any other health plan that is not an HDHP
- Not enrolled in Medicare
- Not named as a dependent on another person’s tax return