Who is allowed to have Health Savings Account?
Anyone who is covered by a HSA-qualified High Deductible Health Plan
(HDHP) and can
not be covered by other health insurance.Are there any
exceptions to being covered by other health insurance?
Yes you can have automobile, dental, vision, disability and
long-term care insurance. Also allowed coverage for a specific disease or illness
like a cancer plan as long as it pays a specific dollar amount .
Do I have to be the main insured to open an HSA?
No, your spouse can be the main insured as long as your covered under
the HDHP.
Can I open an HSA if I don't have health insurance?
No.
What happens to my HSA when I enroll in Medicare?
You can no longer make contributions, however you can still spend money
for qualified expenses.
Can Veterans have an HSA?
Not if you received benefits from the VA in the last three months.
Can I have an HSA if I have Tricare?
No. (as of 6/19/2008).
Can I have an FSA and a HSA?
Only under certain circumstances. The FSA has to be limited to dental,
vision, preventive care, or post - deductible.
Can I have an HRA and HSA at the same time?
Same as FSA above.
Can I have an HSA if I'm unemployed?
Yes.
Are there income requirements to be eligible for an HSA?
No.
Can I open an HSA for my child?
No.
We are insurance agents not a CPAs. Every effort has been made to
make sure that information in this website is accurate in regards to
Health Savings Accounts and Tax Savings. Please consult with your
tax professional, the IRS, and your State revenue department. |
View HSA Presentation