Health Savings Account Eligibility

In order to be eligible to make contributions to a Health Savings Account, you must be covered under a HSA-qualified consumer driven health plan (CDHP) on the first day of that month.

A HSA-eligible consumer-driven health plan must:

  • Meet the IRS’ minimum annual deductible (for 2021, this is $1,400 for self-only coverage and $2,800 for family coverage). This means that you’re responsible to pay for all medical expenses until you reach your deductible; your insurance cannot cover any of these costs. If your family coverage has an embedded deductible, make sure it’s higher than $2,800.
  • Not exceed the IRS’s maximum out-of-pocket threshold (the most you’re responsible for paying in a given year). For 2021, this is $7,000 for self-only coverage and $14,000 for family coverage. Note: the out-of-pocket maximum only applies to in-network services.

If you’re covered by a qualified health plan, the next step is to make sure you’re not covered by any disqualifying plans or programs. These include:

  • Another health plan that isn’t HSA-qualified, including a spouse’s health plan or a supplemental health plan.

  • Being enrolled in Medicare, Medicaid, or Tricare. You can still be HSA-eligible if your spouse is enrolled in one of those plans.

  • Being covered by a Flexible Spending Account (FSA), either yours or your spouse’s.

  • Receiving Veteran’s healthcare benefits currently or in the past 90 days for any non-service-connected disability. If you are otherwise HSA-eligible, you can open an HSA on the first day of the fourth month after your treatment ends.

  • Currently being claimed as a dependent on another person’s tax return.


If you would like to open a Health Savings Account with Whitaker-Myers Wealth Managers, you can do so online, here.

If you still have questions about if you qualify, contact us and we would be happy to help!