Benefits of a Health Savings Account

Learn if setting up a Health Savings Account (HSA) is right for you. Get the facts on eligibility, tax breaks, and the qualified medical expenses you can pay for with a HSA.

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Other Requirements/Restrictions

If you have a qualifying HDHP, you are eligible to open an HSA if:

  • You are not covered by any other non-HDHP health plan, such as a spouse's plan that provides any benefits covered by your HDHP plan. Exceptions include permissible coverage, such as specific injury insurance or accident, disability, dental, vision or long-term care insurance.
  • You are not enrolled in Medicare.
  • You are not enrolled in the TRICARE or TRICARE for Life military benefits program.
  • You have not received Veterans Administration (VA) benefits within the past 3 months.
  • You are not eligible to be claimed as a dependent on another person's tax return.
  • You are not covered by a health-care flexible spending account (FSA) for the tax year in which you will claim your HSA deposits as tax deductions.