Jackie Fortiér

Can anyone with a high deductible plan open an HSA?

If you have a high deductible plan, you very likely can open an HSA.

New this year folks with bronze or catastrophic ACA plans can open an HSA.

There are a few people who can't because of their individual circumstances.

So if you have other health insurance like Medicare or

or you have coverage on your spouse's policy, you cannot open an HSA, or if you're claimed as a dependent.

A lot of people who have a high deductible plan don't actually open an HSA, but they are pretty neat.

You can think of them like a medical piggy bank.

It also has a triple tax advantage.

You put money in before taxes, it grows tax-free, and then you can spend that money tax-free on qualified medical expenses.

It is important, I think, to remember if you don't have a lot of extra cash to put into an HSA, you are not alone.

A lot of people paying their health insurance premiums and medical costs, they can only contribute a little bit.

But the amount that you put into the account is totally up to you.

So you can start like really small if you want to, like just a few dollars a month if you want to slowly build it up.

There is an annual limit set by the IRS.

So it's based on the number of people on the policy.

For 2026, it's $4,400 for an individual and a little over $8,700 for families.

So anything under that ceiling that you want to put into an HSA is completely up to you.

What sorts of things can you use the money in your HSA on?

You can pay for quite a bit.