Health Savings Account Eligibility Requirements
HSA Eligibility
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:
- 2023
- Deductible of at least $1,500 in 2022 for an individual or $3,000 for a family in 2023
- Maximum out-of-pocket expenses:
- 2023: $7,500 for an individual or $15,000 for a family
- 2022
- 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
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- 2022: $7,050 for an individual or $14,100 for a family
Other Requirements
- 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
View Sandy Spring Bank’s HSA Rates.
HSA can only be opened in the 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.