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HSA Contribution Requirements

There are four requirements that must be met in order to contribute money to a Health Savings Account.

1, The HSA owner must be covered by a High Deductible Health Plan.
If the HDHP has individual, or self-only coverage, the minimum deductible for 2020 must be at least $1,400.00 and a cap on out-of-pocket expenses of $6,900.00 in 2020 ($7000 in 2021). If you have family coverage, the minimum deductible must be at least $2,800.00 in 2020 and a cap on out-of-pocket expenses of $13,800.00 in 2020 ($14,000 in 2021).

2. You are not covered by any other health plan that is not an HDHP.
There are a few exceptions to this rule. Check with your insurance provider.

3. You are not enrolled in Medicare.

4. You are not claimed as a dependent on anyone’s taxes.