What is an HSA?
A Health Savings Account is a tax-exempt trust or custodial account which you use to pay qualified medical expenses for you and your family.
Who is Eligible for an HSA?
To be eligible and qualify for an HSA, you must meet the following requirements:
- You are covered under a high-deductible health plan (HDHP) on the first day of that month;
- You are not covered under another type of health plan that is not an HDHP (certain exceptions apply);
- You are not enrolled in Medicare (generally, are under 65 yrs. old); and
- You may not be claimed as a dependent on another individual's tax return.
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