You’ll need to meet the following IRS requirements for opening and contributing to an HSA:
- You must be enrolled in an HSA-qualified high deductible health plan (HDHP).
- You can’t be enrolled in Medicare.
- You can’t be eligible to be claimed as a dependent on someone else’s tax returns.
- You (or your spouse, if your spouse wants to open a separate HSA) can’t have additional coverage that isn’t an HSA-qualified HDHP. Exceptions to this requirement can be found in IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans.
You may want to consult with a financial advisor for more information about HSA eligibility.