Eligibility Requirements to Participate

To participate in an HSA, you must first be enrolled in a qualified High Deductible Health Plan . You may be enrolled in the plan either through your employer or spouse’s plan. In addition, there are certain other eligibility requirements you must consider before you can participate. Here are some of the requirements. 

 

 

Health FSA or HRA

You may not participate in an HSA if you are covered by a general purpose Health Flexible Spending Account (Health FSA) or a general purpose Health Reimbursement Arrangement (HRA). In addition, if your spouse has a general purpose Health FSA that allows reimbursements for your expenses, you may not participate.

 

Medicare or TRICARE

You may not participate in an HSA if you are enrolled in Medicare or TRICARE. If you are over 65, as long as you have not enrolled in Medicare or TRICARE, you may continue to make contributions and use your funds. Once you are enrolled in Medicare or TRICARE, you may no longer make contributions, but you may still continue to use your funds.

 

 

Dependent Status

You may not participate in an HSA if you are claimed as a dependent on someone else’s tax return. If at some time you are no longer covered by a qualified HDHP, you may still use your HSA funds, however, you may not continue to contribute to your account.

 

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