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 $1,350 in 2019 for an individual ($1,400 in 2020) or $2,700 for a family in 2019 ($2,800 in 2020)
  • Maximum out-of-pocket expenses:
    • 2019: $6,750 for an individual or $13,500 for a family
    • 2020: $6,900 for an individual or $13,800 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, 800.399.5919.

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