Want to pay or be reimbursed for your spouse’s, dependents’ or your own medical expenses? A health savings account is a tax-exempt trust or custodial account established exclusively for the purpose of doing just that.
You are eligible for a regular HSA contribution if, with respect to any month, you:
Are covered under a high-deductible health plan (HDHP)
Are not also covered by any other health plan that is not an HDHP;
Are not enrolled in Medicare; and
Cannot be claimed as a dependent on another person’s tax return.
If you are eligible, you can establish an HSA in much the same way you would establish an IRA with a qualified trustee or custodian.
For more information or to sign up, contact your local Bank of Colorado today.