A Health Savings Account (HSA) is an account set up with pre-tax dollars to pay certain medical expenses you incur.
To be eligible for an HSA account:
- You must be covered under a High Deductible Health Plan (HDHP) on the first day of the month
- You are not enrolled in Medicare
- You have no other health coverage except what is permitted
- You cannot be claimed as a dependent on another person's tax return