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 $1,400 in 2022 for an individual or $2,800 for a family in 2022.

Maximum out-of-pocket expenses:

  • 2022: $7,050 for an individual or $14,100 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.

Apply for Your Plan

  • Disclosure

    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.