If you're eligible for an HSA, you can open one on your own or through your employer, if they offer one.

The main requirement for opening an HSA is having a high-deductible health plan that meets IRS guidelines for the annual deductible and out-of-pocket maximum.

IRS Guidelines

Additional Criteria
If you have a qualifying high-deductible health plan (HDHP) on the first day of any month, you may be eligible to open an HSA if:

• You are not covered by any other non-HDHP health plan, such as a spouse's plan, that provides any benefits covered by your HDHP plan. Exceptions include permissible coverage, such as specific injury insurance or accident, disability, dental, vision or long-term care insurance.
• You are not enrolled in Medicare.
• You do not receive health benefits under TRICARE.
• You have not received Veterans Administration (VA) benefits within the past three months.
• You cannot be claimed as a dependent on another person's tax return.
• You are not covered by a general purpose health care flexible spending account (FSA) or health reimbursement account (HRA).  Alternative plan designs, such as a limited-purpose FSA or HRA, might be permitted.

Other restrictions and exceptions also apply.  We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances.

Coverage of Adult Children

Health care reform legislation passed in 2010 allows adult children up to age 26 to be covered by parents’ health plans, including high-deductible plans.

The tax laws regarding HSAs have not changed, however an adult child must still be considered a tax dependent in order for an adult child’s medical expenses to qualify for payment or reimbursement from a parent’s HSA.

If you are under age 26 and covered by a parent’s HSA-eligible, high-deductible health plan, you may be able to open and fund an HSA yourself. The criteria above still apply. Consult a knowledgeable benefits consultant or tax advisor.