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Who qualifies for an HSA?

In addition to being enrolled in an HSA-compatible health plan, there are certain other criteria that are used to judge whether consumers are qualified for an HSA. A consumer cannot open an HSA if she:

Can be claimed as a dependent on anyone else's tax return.
Is currently enrolled in Medicare (note that enrolling in Social Security automatically enrolls one in Medicare).
Is enrolled in any non-qualifying health coverage that does not satisfy the statutory minimum deductible requirements of Internal Revenue Code Section 223 (unless that coverage is limited to certain permitted types of coverage or insurance).
Has a Flexible Spending Account or a Health Reimbursement Arrangement with her employer, or if she is covered under her spouse's Flexible Spending Account or Health Reimbursement Arrangement, she may not be eligible to open a Health Savings Account. (An employer's benefits administrator should be able to help answer whether a Flexible Spending Account or Health Reimbursement Arrangement will allow an employee to open a Health Savings Account.)

These conditions are subject to change. We encourage consumers to consult with their tax advisors to make sure they qualify. For more information, go to the U.S. Department of the Treasury's HSA site.

ARCUS Financial Bank and its affiliates are not providing tax advice through this website and we cannot respond to specific tax questions. Tax issues are often very dependent on the specific facts. Clients are encouraged to seek their own tax advice.

Evaluating HSA Plans as an Employer