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Do I qualify 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 you are qualified for an HSA. You cannot open an HSA if you:

Can be claimed as a dependent on anyone else's tax return.
Are currently enrolled in Medicare (note that enrolling in Social Security automatically enrolls one in Medicare).
Are 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).
Have a Flexible Spending Account or a Health Reimbursement Arrangement with your employer, or if you are covered under your spouse's Flexible Spending Account or Health Reimbursement Arrangement, you may not be eligible to open a Health Savings Account. (Your employer's benefits administrator should be able to help answer whether your Flexible Spending Account or Health Reimbursement Arrangement will allow you to open a Health Savings Account.)

These conditions are subject to change. We encourage you to consult with your tax advisor to make sure you 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