Eligibility Requirements To Establish A Health Savings Account
Permissible Other Health Coverage
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You are permitted to have an HSA even if you have one of the following types of health related policies:
- Your spouse has family coverage that doesn't cover you (even though it could).
- A policy that only covers a specific disease or illness.
- Hospital Indemnity Insurance that pays a fixed amount per day or other period of hospitalization.
- Dental or vision care.
- Disability Insurance.
- Long-term Care Insurance.
- Workers Compensation.
- A prescription drug plan either as part of your HDHP or a separate plan or rider provided it doesn't cover drugs until the minimum annual deductible of the HDHP has been met.
- No one else is entitled to claim you as a dependent.
- The account must be held by a bank, investment company, insurance company, or any one approved by the IRS to be a trustee of an individual retirement arrangement (IRA) or an Archer MSA.
- Each HSA can only have one owner. Joint ownership is not allowed even if the HDHP provides family coverage.
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