Health Savings Account (HSA) Eligibility Requirements
HSA Eligibility
To be eligible for an HSA, you must participate in a qualified High Deductible Health Plan (HDHP) offered by your employer. A HDHP is a health plan with the following deductibles and out-of-pocket limits:
- 2024 Requirements
A deductible of at least $1,600 for an individual or $3,200 for a family.
Maximum out-of-pocket expenses: $8,050 for an individual or $16,100 for a family.
- 2023 Requirements
A deductible of at least $1,500 in for an individual or $3,000 for a family.
Maximum out-of-pocket expenses: $7,500 for an individual or $15,000 for a family.
Other Requirements
- You may not 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.
- You may not be enrolled in Medicare Part A or B.
- You may not be a dependent on another person’s tax return.
- You may not have received VA benefits in the past three months.
- Eligibility is determined on a month-to-month basis.
View Sandy Spring Bank’s HSA Rates.
HSA can only be opened in the branch or by phone, 800.399.5919.