Qualifying for a Health Savings Account

To be eligible and qualify for an HSA, you must meet the following requirements.

• You need to be covered by an HSA eligible health plan with a deductible of at least $1,100 for individual coverage or $2,200 family coverage for 2008, and $1,150 and $2,300 for 2009.
• You cannot have any other health coverage, except what is permitted under Other Health Coverage*
• You cannot be enrolled in Medicare
• You cannot be claimed as a dependent on someone else's tax return.

For additional information IRS Publication 969 details qualifications and more for health savings accounts and other tax-favored health plans.

* Other Health Coverage: You can still be an eligible individual even if your spouse has coverage through a plan that is not HSA eligible provided you are not covered by that plan.

You can have additional insurance that provides benefits only for the following items:

• Liabilities incurred under worker's compensation laws, torts, or ownership or use of property.
• A specific disease or illness.
• A fixed amount per day (or other period) of hospitalization.

You can also have coverage (when provided through insurance or otherwise) for the following items.

• Accidents
• Disability
• Dental Care
• Vision Care
• Long-term Care
• Preventative Care