Who is Eligible to Establish an HSA?Any individual who meets all these requirements may establish an HSA:
- Is not enrolled in Medicare (generally, under age 65)
- Is covered under an HDHP (and not covered under any other health plan that is not an HDHP)
- Cannot be claimed as a dependent on another person’s tax return.
HSAs cannot be joint accounts.
What is an HDHP?
An HDHP is a high deductible health plan. You are responsible for determining if you are covered by a qualified high deductible plan before opening an HSA. If you are unsure, you should contact your health insurance provider.
An individual HDHP must have an annual deductible which is not less than $1250 and the plan must have a maximum annual out-of-pocket limit of $6350 for 2014.
A family HDHP must have an annual deductible which is not less than $2500 and the plan must have a maximum annual out-of-pocket limit of $12,700 for 2014.
Fees may reduce earnings on HSAs.
The information provided in this page is not intended to be legal or tax advice. You should consult your attorney or tax advisor for information that relates to your specific circumstances.
Product descriptions herein do not take the place of required disclosures under federal and state regulations. Please contact us for disclosures appropriate to these accounts.