What are HSA and what are the eligibility requirements?
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What are Health Savings Accounts (HSAs)?
Actually, the HSA were created by "the Medicare bill signed by President Bush on December 8, 2003 and are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis."
Who is eligible for a Health Savings Account?
Clearly, Congress intended to provide a means for Individuals to save on the spiralling health insurance costs. One way that seemed to provide cost savings was the HSA. But, there were clearly some eligiblity requirements. The eligibility requirements state that, "an individual must be covered by a HSA-qualified High Deductible Health Plan (HDHP) and must not be covered by other health insurance that is not an HDHP."