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Home > Personal Banking > Health Savings Accounts > Health Savings Account Qualifications
  • Health Savings Account Qualifications

    Determine if you meet the eligibility requirements to open a Health Savings Account.

    Eligibility Requirements:

    • You must be covered by a qualifying High Deductible Health Plan (HDHP)
    • You cannot be enrolled in Medicare
    • You cannot be claimed as a dependent on another person's tax return
    • You cannot be covered by any other health insurance that is not an HDHP 

    Insurance Coverage Exceptions

    The following are exceptions, called "permitted insurance" which an individual can have in addition to the HDHP and still qualify for an HSA:

    • Specific disease or illness insurance
    • Accident, disability, dental care, vision care and long-term care insurance
    • Discount card such as a pharmacy card
    • Insurance that provides a fixed payment per day (or other period) for hospitalization

    What is a High Deductible Health Plan (HDHP)?

    An HDHP is a plan with an annual deductible of at least $1,300 for individual coverage or $2,600 for family coverage with a maximum out-of-pocket expense of $6,600 for individual and $12,900 for family (2015 figures).  For 2016, the minimum deductible of at least $1,300 for individual coverage or $2,600 for family coverage with a maximum out-of-pocket expense for individuals is $6,850 and $13,100 for the family plan. 

    Note: A plan will still qualify as an HDHP even though it may not have a deductible if it is for preventive care.

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