Health Savings Accounts
HSA Eligibility
To be eligible to open and contribute to an HSA you must meet all of the following criteria, as defined by the IRS:
- You are covered by a qualified High Deductible Health Plan (HDHP)
- The minimum required
deductibles for a HDHP cannot be less than:
2019 2020 Individual coverage $1,350 $1,400 Family coverage $2,700 $2,800 - The maximum
out-of-pocket expenses are capped for individual coverage and for family
coverage. The maximum out of pocket limits are:
2019 2020 Individual coverage $6,750 $6,900 Family coverage $13,500 $13,800
- The minimum required
deductibles for a HDHP cannot be less than:
- You are not covered by another non-qualified health care plan, such as a health plan sponsored by your spouse's employer, Medicare or TriCare
- Flexible Spending Account (FSA) participation is restricted to dental, vision or post-deductible medical expenses
- You cannot be claimed as a dependent on another individual's tax return