Short answer: To open and contribute to an HSA, you must be enrolled in an HSA-qualified high-deductible health plan, have no disqualifying coverage, not be enrolled in Medicare, and not be claimed as someone else’s tax dependent.
HSA eligibility is determined by federal tax rules and is evaluated on a month-by-month basis. You must meet all required conditions for each month you want to make or receive HSA contributions.
First, you must be covered by an HSA-qualified high-deductible health plan (HDHP) that meets IRS requirements for minimum deductibles and maximum out-of-pocket limits.
You also cannot have other disqualifying health coverage. This generally includes non-HDHP coverage or access to a general-purpose health FSA, although certain limited-purpose or post-deductible arrangements may be allowed.
If you are enrolled in any part of Medicare, you are no longer eligible to contribute to an HSA, even if you remain covered by an HDHP. In addition, you cannot contribute to an HSA if you can be claimed as a tax dependent on someone else’s federal tax return.
You do not need to open an HSA through your employer. If you are otherwise eligible, you may open an HSA directly with a bank, credit union, or other financial institution.
Sources
- IRS, FAQs on Health Savings Accounts – Eligibility: https://www.irs.gov/faqs/health-savings-accounts-hsas
- IRS, Publication 969 – Health Savings Accounts and Other Tax-Favored Health Plans: https://www.irs.gov/forms-pubs/about-publication-969
Content history
Originally published: March 27, 2025
Last reviewed: January 26, 2026