When are you eligible for a hsa? To be eligible for an HSA, you must meet the following requirements, as defined by the IRS: You must be covered under a qualifying high-deductible health plan (HDHP) on the first day of the month. You have no other health coverage except what is permitted by the IRS.What does hsa stand for in health insurance? HSA stands for Health Savings Account. The HSA is not the actual insurance. It just allows an inpidual or family to place money in a tax-free account to save for medical expenses. The HSA is used in conjunction with an insurance plan. Here are some other features of a plan with a Health Savings Account.What exactly is a hsa? A health savings account, or HSA, is exactly what the name implies: a financial account that can be used to save money for future medical expenses. These accounts, combined with a high-deductible health insurance plan, also offer certain income tax breaks.
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