Business Health Savings Accounts Eligibility

Are Your Employees HSA-Eligible?

To be eligible for an HSA, an individual must participate in a qualified HDHP (High Deductible Health Plan) offered by their employer.

An HDHP is a health plan with the following qualifications:

• A deductible of at least $1,600 for 2024 ($1,500 for 2023) for an individual or $3,200 for 2024 ($3,000 for 2023) for a family.

• Maximum out-of-pocket expenses of $8,050 for 2024 ($7,500 for 2023) for an individual and $16,100 for 2024 ($15,000 for 2023) for a family.

Eligibility is determined on a month-to-month basis. To qualify, employees:

• May not have other health insurance plans, 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
• May not be enrolled in Medicare Part A or Part B
• May not be a dependent on another person’s tax return
• May not have received VA benefits in the past three months

View Sandy Spring Bank’s HSA rates.

An HSA can only be opened in a branch or by phone 800.399.5919.

Get Started