HSA contribution eligibility
If you want to become eligible to contribute to an HSA, you must first limit your HRA VEBA plan coverage to permit withdrawals (claims) for the following types of expenses and insurance premiums only:
1. Dental care 2. Vision care 3. Preventive care 4. Any other permitted benefits as determined by the IRS
Limiting your HRA VEBA plan coverage is not the only requirement. According to the U.S. Treasury Department’s HSA Basics brochure at www.ustreas.gov, any adult can contribute to an HSA if they:
1. Have coverage under an HSA-qualified high deductible health plan (HDHP) 2. Have no other first-dollar medical coverage (other types of other insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted) 3. Are not enrolled in Medicare 4. Cannot be claimed as a dependent on someone else’s tax return
To limit your HRA VEBA plan coverage, submit an Election of Limited HRA VEBA Plan Coverage form. Or, skip the form and login to myHRA VEBA online and click Account preferences.
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