Does the HDHP policy have to be in my name to open an HSA?
No, the policy does not have to be in your name. As long as you have coverage under the HDHP policy and you do not have any other first-dollar medical coverage, you can be eligible to contribute to an HSA (assuming you meet the other eligibility requirements for contributing to an HSA). You can still […]
I don’t have health insurance, can I get an HSA?
Unfortunately, you cannot establish and contribute to an HSA unless you have coverage under an HDHP.
I’m on Medicare, can I contribute to an HSA?
You are not eligible to contribute to an HSA after you have enrolled in Medicare. If you had an HSA before you enrolled in Medicare, you can keep it and use it to pay for eligible expenses on a tax-free basis. However, you cannot continue to make contributions to an HSA after you enroll in […]
I have Medicaid, can I contribute to an HSA?
You are not eligible to contribute to an HSA if you are covered by Medicaid.
I am a Veteran, can I contribute to an HSA?
If you have received any health benefits from the Veterans Administration or one of their facilities, including prescription drugs, in the last three months, you are not eligible to contribute to an HSA. Beginning January 1, 2016, you will be eligible to contribute to an HSA if you received VA health benefits for a service-related […]
I’m active-duty military and have TRICARE coverage, can I contribute to an HSA?
At this time, it is our understanding TRICARE does not offer an HDHP option, so you are not eligible to contribute to an HSA.
My employer offers an FSA, can I have both an FSA and an HSA?
You can have both types of accounts, but only under certain circumstances. General Purpose Flexible Spending Arrangements (FSAs) will typically make you ineligible for an HSA. General purpose FSAs reimburse medical, vision and dental expenses for you, your spouse and your dependents. If your employer offers a “limited purpose” (limited to dental, vision or preventive […]
My employer offers an HRA, can I have both an HRA and an HSA?
You can have both types of accounts, but only under certain circumstances. Health Reimbursement Arrangements (HRAs) that reimburse your medical expenses from first dollar will typically make you ineligible for an HSA. If your employer offers a “limited purpose” (limited to dental, vision or preventive care) or “post-deductible” (pay for medical expenses after the IRS deductible […]
My spouse has an FSA or HRA through their employer, can I have HSA?
You cannot have an HSA if your spouse’s FSA or HRA can pay for any of your medical expenses before your HDHP deductible is met.
I don’t have a job, can I have an HSA?
Yes, if you have coverage under an HSA-eligible HDHP. You do not have to have earned income from employment. In other words, the money can be from your own personal savings, income from dividends, unemployment or welfare benefits, etc.