To enroll in a health savings account, IRS rules require that an individual must:
- Have a qualified high-deductible health plan (also called a consumer-directed health plan).
- Have no other comprehensive health coverage, with certain exceptions allowed by the IRS (for example, dental, vision, long-term care, disability are allowed).
- Not be enrolled in Medicare.
- Not be enrolled in a flexible spending account. This includes if your spouse has an FSA, even if you are not covering your spouse on your CDHP.
- Not be claimed as a dependent on someone else’s tax return.
- Not have received Veterans’ Administration benefits (including prescription drugs) in the three months before your CDHP enrollment begins, or have TRICARE coverage.
- Have a "limited VEBA account" (if you or your spouse has VEBA).
Other exclusions apply.
For more information
You can find more details at www.irs.gov and in the following Internal Revenue Service publications:
- Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans
- Internal Revenue Bulletin 2007-10 (March 5, 2007), Notice 2007—22, Health Savings Accounts
Call HealthEquity Inc. (the trustee for the PEBB plans’ health savings accounts) toll-free at 1-877-873-8823 to verify whether you qualify.