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Once you’ve chosen a health plan, you need to take the next step and open your HSA. If you don’t, you won’t be able to contribute to the account and enjoy all the tax benefits. And you may miss out on free money from your employer. Follow the instructions provided by your employer, or go to LINK and look for the “Open an HSA” button.
To take advantage of such great tax breaks, the IRS says that only eligible individuals can save in an HSA. To open and contribute to an HSA, you must meet the following qualifications:
Must participate in an HSA-qualified high-deductible health plan (HDHP)
Can’t participate in another health plan that’s not a highdeductible health plan (for example, a spouse’s plan). Some exceptions may apply (get more details in IRS publication 969 at www.irs.gov)
Can’t be enrolled in Medicare benefits
Can’t be claimed as a dependent on anyone else’s tax return
If you open your account mid-year or become ineligible midyear, your contribution limits may be impacted. If you are married, your spouse’s participation in a health care flexible spending account or other family health insurance coverage may change your eligibility.
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