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Home > Personal Banking > Health Savings Account > 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
    Deductible Requirements

    Year 2015

    Year 2016

    Single

    Family

    Single

    Family

    Minimum Deductible Requirements

    $1,300

    $2,600

    $1,300

    $2,600

    Maximum Out-of-Pocket

    $6,450

    $12,900

    $6,550

    $13,100

    Maximum Contribution

    $3,350

    $6,650

    $3,300

    $6,550

    The deadline for contributions is the same as your tax filing deadline excluding extensions.
    For most individuals this is April 15.

     

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