Health Savings Account Eligibility Requirements

To be eligible for a HSA, you must participate in a qualified High Deductible Health Plan (HDHP) offered by your employer. A HDHP is a health plan with:

  • Deductible of at least $1,300 in 2017 for an individual ($1,350 in 2018) or $2,600 for a family in 2017 ($2,700 in 2018)
  • Maximum out-of-pocket expenses:
    • 2017: $6,550 for an individual or $13,100 for a family
    • 2018: $6,650 for an individual or $13,300 for a family
  • You can’t 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 can’t be enrolled in Medicare Part A or B
  • You can’t be a dependent on another person’s tax return
  • You can’t have received VA benefits in the past three months
  • Eligibility is determined on a month-to-month basis

Apply for Your Plan

View Sandy Spring Bank’s HSA Rates.

HSA can only be opened in the branch or by phone.

*All references to tax savings are at a federal level. State taxes vary. Please consult your tax adviser.