Although qualification requirements vary state-by-state and the IRS regulations are subject to change at any time, the following list contains the two major points of qualification for a Health Savings Account (HSA).

1.      Does your health plan have a deductible of more than $1200 for a single enrollee or a $2400 for an enrolled family?

2.     Do all medical expenses go towards your plans deductible? (excluding Safe Harbor Benefits)

Note on #2: Some newer plans being offered by insurance carriers are considered hybrid plans;  meaning they have a deductible that applies for certain expenses (hospitalization for example) but a copay-based structure for other expenses, such as a doctor’s visit or prescription drug.  These hybrid plans are not true high-deductibles and therefore are not Health Savings Account eligible. 

For example, a plan may have a $1500 hospitalization deductible but a primary care physician (PCP) copay of $50. A plan such as this is not HSA eligible.