An individual needs to be covered by a QUALIFIED high-deductible health plan to set up a Health Savings Account.
In addition, individuals can not be
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.
What is an HSA?
Why an HSA?
Who is eligible for an HSA?
Is an HSA right for everyone?
Do I need a certain type of Insurance Plan?
Do I need a certain type of account?
Employer Benefits of HSA Plans
Employee Benefits of HSA Plans
HSA Tax Treatment
Tax Treatment: Inviduals
Tax Treatment: Employer Contributions
How are Distributions Taxed?
Who May Contribute?
How much may be contributed to an HSA in calendar year 2006?
Tax Treatment of Contributions
What are catch up Contributions?
What are “Qualified Medical Expenses?”
Are health insurance premiums qualified medical expenses?
How are claims adjudicated and processed?
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