We want to help you prioritize your health with a Health Savings Account that’s tailored to your needs. No fees, high savings, and exclusive discounts. But before we get started, let’s make sure you’re eligible. It’s important to meet the requirements for opening an HSA, since the IRS does have strict guidelines for who is eligible to open and contribute to an account.
You must be enrolled in a HDHP (High Deductible Health Plan) to open and contribute to an HSA. If you have an HSA from a previous HDHP, you can still withdraw and invest the funds, even if you are no longer eligible to contribute.
According to the IRS, the 2022 requirements for a High Deductible Health Plan (HDHP) are:
Annual minimum deductible of $1,400 for individuals and $2,800 for families.
Out-of-pocket maximums (includes deductibles, co-payments, co-insurance) of $7,050 for individuals and $14,100 for families.
You can not open an HSA or make new contributions to past HSAs once you are on Medicare, Medicaid, or Tricare. You may continue to withdraw or invest from the account.
You can not make new contributions. You may continue to withdraw or invest from the account.