Qualifying for an HSA
Open an HSA Account Schedule an Appointment IRS Website HSA Packet
Qualifying for an HSA
To be an eligible individual and qualify for an HSA, you must meet the following requirements:
- You’re covered under a high-deductible health plan on the first day of the month
- You have no other health coverage except what is permitted under “Other Health Coverage” deemed by the IRS Publication 969.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on someone else’s tax return.
High Deductible Health Plans (HDHP)
An HDHP must meet certain criteria in order to qualify for an HSA, as deemed by the IRS includes:
- A higher deductible than typical health insurance plans
- A maximum limit on the annual deductible and other out-of-pocket expenses *
Individual coverage means that only one eligible individual is covered under the HDHP.
Family coverage means that one eligible individual and at least one other individual (eligible or not) is covered under the HDHP. Some family plans may not qualify based on how the deductible is used.
The criteria for these High Deductible Health Plan is likely change from year to year.
HSA High Deductible Qualification
| HDHP Coverage | Min. Annual Deductible | Max. Annual Deductible and Other Out-of-Pocket Expenses* |
|---|---|---|
| 2024 High Deductible Health Plan Qualification | ||
| Individual Insurance | $1,600 | $8,050 |
| Family Insurance | $3,200 | $16,100 |
| 2025 High Deductible Health Plan Qualification | ||
| Family Insurance | $3,300 | $16,600 |
| Individual Insurance | $1,650 | $8,300 |
*This limit does not apply to deductibles and expenses for out-of-network services if the plan uses a network of providers. Instead, only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit applies.
Other Coverage
If you have another HDHP coverage, you generally can’t carry any other health coverage. However, you can have additional insurance that provides certain benefits, which would allow you to be eligible.
If you’re covered under, an HDHP and a health FSA or HRA that pays or reimburses your qualified medical expenses you generally cannot contribute to an HSA you own. The exceptions to this are if you’re covered under a limited-purpose health FSA or HRA, a Suspended HRA, a Post-deductible health FSA or HRA or a Retirement HRA.
If you’re still unsure if you qualify, your insurance professional can help you determine whether your plan is an HSA qualified plan.
The information within this article was found on the IRS website, in Publication 969.
Open an HSA Account Schedule an Appointment IRS Website HSA Packet