A Health Savings Account (HSA) is a special account owned by an individual where
contributions to the account are to pay for current and future medical expenses

• HSAs are used in conjunction with a “High Deductible Health Plan” (HDHP)
  – Insurance that does not cover first dollar medical expenses (except for preventive
     care)
  – Can be an HMO, PPO or indemnity plan, as long as it meets the requirements

HSA Overview
• HSAs were created in Medicare legislation signed into law by President Bush on
  December 8, 2003
• HSAs modeled after Archer MSAs

Who Is Eligible for HSAs?
• Any individual that:
  – Is covered by an HDHP
  – Is not covered by other health insurance
  – Is not enrolled in Medicare
  – Can’t be claimed as a dependent on someone else’s tax return
• Children cannot establish their own HSAs
• Spouses can establish their own HSAs, if eligible
• No income limits on who may contribute to an HSA
• No requirement of having earned income to contribute to an HSA