To establish your Health Savings Account (&quotHSA&quot) you will need to complete 2025

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Short Answer: To be HSA-eligible, individuals must a) be enrolled in a HDHP, b) have no disqualifying coverage, c) not be enrolled Medicare, and d) not be able to be claimed as a dependent on someone elses current year tax return.
However, an eligible employee can set up an HSA at any time, not just during open enrollment. Also, employees can generally elect to start making pre-tax contributions to their HSAs at any time during the plan year, even if they did not elect HSA contributions during open enrollment.
To be an eligible individual and qualify for an HSA contribution, you must meet the following requirements. You are covered under a high deductible health plan (HDHP), described later, on the first day of the month. You have no other health coverage except what is permitted under Other health coverage, later.
An employee covered by an HDHP and a health FSA or an HRA that pays or reimburses qualified medical expenses generally cannot make contributions to an HSA.
With HSA Bank there are no setup fees, no monthly administration fee and an initial contribution is not required to open an account. It takes less than 10 minutes to complete the online application. You must have a valid email address to open an account. You may also be eligible for an HSA through your employer.

People also ask

To open an HSA, you must be enrolled in a qualified HDHP, and you cannot be claimed as someone elses dependent on their tax return. You also cannot contribute to an HSA if you have disqualifying additional medical coverage, such as a general-purpose health flexible spending account (FSA), at the same time.
Final answer: One of the statements is not a requirement for an HSA: individuals can be over 55 and still qualify. The primary requirements are being enrolled in a high-deductible health plan and not being dependent on someone elses return. Thus, the incorrect answer is related to age restrictions.

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