HSA Eligibility Requirements
- Individuals who are covered by their parent’s health plan
- Parent’s plan must be an HSA-eligible, high deductible health plan (HDHP)
- Less than 26 years of age
- Cannot be claimed as dependent on anyone else’s taxes
- Has no other health insurance (other than parent’s health plan)
- Is not enrolled in Medicare
Not Required for HSA-Eligibility
- It's not required that the individual’s parents have an existing HSA or contribute to their HSA
- Parents can contribute to a family HSA at any contribution level and this will not affect the requirements above
Younger individuals who are eligible can contribute the current year family contributions limit; assuming of course that your parent’s health plan covers your parent and you. This is unique in that an individual can open their ownHSA – separate from their parent’s – but are still allowed to contribute the family maximum.
This is an unprecedented HSA tax-savings opportunity!