An HSA can only be opened in a branch or by phone, 800.399.5919.
*All references to tax savings are at a federal level. State taxes vary. Please consult your tax adviser.
Business Health Savings Accounts Eligibility
Are Your Employees HSA-Eligible?
To be eligible for a HSA, an individual must participate in a qualified HDHP (High Deductible Health Plan) offered by their employer. A HDHP is a health plan with the following qualifications.
Employees must be enrolled in an HDHP, which has a deductible of at least $1,500 for 2023 ($1,400 for 2022) for an individual or $3,000 for 2023 ($2,800 for 2022) for a family.
Maximum out-of-pocket expenses $7,500 for 2023 ($7,050 for 2022) for an individual or $15,000 for 2023 ($14,100 for 2022) for a family.
Eligibility is determined on a month-to-month basis. To qualify, employees:
- Cannot have other health insurance, with the following exceptions: worker’s compensation, insurance for a specific disease, insurance that pays a fixed amount per day of hospitalization, dental, vision, long-term care, accident and disability insurance
- Cannot be enrolled in Medicare Part A or Part B
- Cannot be a dependent on another person’s tax return
- Cannot have received VA benefits in the past three months
View Sandy Spring Bank’s HSA rates.