All participants must be covered by a qualified high-deductible health plan to set up a Health Savings Account.

In addition, individuals can not be

• covered by an existing health plan that is not a qualified high-deductible plan
• claimed as a dependent on someone else’s tax return
• entitled to Medicare benefits (age 65 or older)

Note: A spouse can have single coverage under an HSA, if they are not covered under the other spouses plan. The account however, is for the individual covered under the HSA qualified plan only.

HSA rules are determined at the federal level. Individuals may be eligible under state guidelines (domestic partners, civil unions etc.) for qualified-health insurance coverage, BUT not eligible to open the savings account portion of the plan.

HSA medical plans work best for:

Individuals; if you are healthy and don’t have a lot of medical costs or you are self-employed or uninsured, you are likely to benefit the most from these plans.

Employees of corporate employer groups can also benefit. Since each situation is different, we suggest you contact us at 800-874-9707 to discuss specific details.

Special Note: Don’t be disarmed by the phrase “qualified high deductible” plan. HSA medical plans are so flexible they can be designed to pay eligible health care costs from the very “first dollar” of expense you or your family incur.