You must be covered by a high-deductible health plan to open an HSA. You know you have that type of plan if the deductible is at least:

  • $1,350 for plans that cover one person
  • $2,700 for plans that cover two or more people

These are the amounts for 2018. The government sets the minimum deductible each year.

You can’t open an HSA if you’re:

  • Covered by Medicare and Medicaid
  • Claimed as a dependent on someone else's tax return

Each eligible person covered by your plan can open their own HSA. You can’t have joint accounts.

If you open an HSA and then drop your high-deductible health plan, you keep the account. You can’t put money in it, but you can spend or save the funds in it.