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be eligible, a participant must be under age 65 when the account
is opened. The owner of the HSA can't be covered by any
other health insurance policy other than the qualifying High
Deductible Health Plan. (This does not apply to specific injury
and accident insurance, disability, dental care, vision care,
long-term care.)
The owner can't be eligible for Medicare, and can’t be claimed
as a dependent on someone else’s tax return.
Anyone with a qualified High Deductible
Health insurance Plan (HDHP) can contribute funds up to the
amount of the deductible. For people over age 55 the law
permits an additional $500 in contributions for 2004 and $600
for 2005.
The contributions can come from the owner of the HSA, their employer
or anyone else on behalf of the owner.
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