The HSA Feature
Health Savings Accounts (HSA) are designed to permit participants to save for healthcare expenditures. The basic federal requirements of an HSA are:
- Participation in a HSA-qualified High Deductible Health Plan (HDHP);
- Establish a pre-tax Health Savings Account that is yours always regardless of your employment status;
- Eligible to participate as long as you are not covered under anyone else’s non High Deductible Health Plan (other types of insurance like specific injury insurance or accident, disability, dental, vision, or long term care insurance are permitted).
- You must be below Medicare eligibility age; and can’t be claimed as a dependent on someone else’s tax return.
IMPORTANT: Over-the-counter drug changes effective January 1, 2011
Read Now: FAQs about HSA Interactions with FSAs & HRAs
Regulations are subject to change at anytime. Please refer to the US Treasury's website for additional information regarding your HSA Account.