To qualify for a Health Savings Account, you must be:
Covered under a High Deductible Health Plan (HDHP) on the first day of the month
Not covered by other health plans including a spouse's health plan and sometimes a spouse's Flexible Spending Account (FSA)
Not enrolled in Medicare
Not claimed as a dependent on someone else's tax return
This is only an overview for your benefit. Please use this IRS resource to help determine eligibility.
You can use your HSA to cover a variety of qualified medical expenses including:
Co-pays & doctor visits
Vision and dental expenses
Over-the-counter medications prescribed by doctor
You decide how much to contribute within these annual contribution limits set by the IRS. You can choose to use the funds or keep accumulating them for the future.
Catch Up Contribution
(minimum age is 55)