Health Savings Account Eligibility
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Who is eligible to establish a Health Savings Account?
A Health Savings Account can be established by an “eligible individual” … someone who:
| • | is covered under a qualified high-deductible health plan; |
| • | is not also covered by any other health plan that is not a high-deductible health plan; |
| • | is not entitled to benefits under Medicare (generally under age 65); and |
| • | may not be claimed as a dependent on another person's tax return. |
What is a high-deductible health plan (HDHP)? |
| A high-deductible health plan, or HDHP, is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses, which are adjusted annually for inflation: |
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| Except for preventative care, the high-deductible health plan may not provide
benefits for any year until the deductible for that year is met. |
What other health coverage can I have and still qualify for a |
| You can maintain certain types of "permitted insurance" in addition to the high deductible health plan and still remain eligible for an HSA. Types of "permitted insurance" include workers' compensation, auto insurance, insurance for a specified disease or illness that pays a fixed amount per day (or other period) of hospitalization, accident and disability insurance, dental and vision care and long term care insurance. |
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