Yes, you can have an HSA and make contributions to it even if you have VA benefits. Receiving preventive care services or treatment for a service-related disability from the VA does not disqualify an individual from participating in an HSA.
Can I make an HSA contribution if I have VA benefits?
An individual is not eligible to make HSA contributions for any month, however, if the individual has received medical benefits from the VA at any time during the previous three months**.
Can I use my VA benefits to open a health savings account?
As a Veteran, you are eligible to open and fund a Health Savings Account (HSA). However, use of your VA Benefits can have an effect on what you are allowed to deposit into your HSA each year. VA Benefits can be used for the following expenses without affecting what you can deposit into your HSA:
Can I use VA health care benefits with other health insurance?
If you have other forms of health care coverage (like a private insurance plan, Medicare, Medicaid, or TRICARE), you can use VA health care benefits along with these plans. Learn more about how VA works with other health insurance.
Do I qualify for a health savings account (HSA)?
If you have a high-deductible health plan (HDHP), you may qualify for a health savings account (HSA). This could save your family a lot of money — but there are some special rules you need to be aware of.
Can you have VA benefits and HSA?
Yes, you can have an HSA and make contributions to it even if you have VA benefits. Receiving preventive care services or treatment for a service-related disability from the VA does not disqualify an individual from participating in an HSA.
What disqualifies you from having an HSA?
If you enroll in Social Security you will be automatically enrolled in Medicare Part A, which will disqualify you from contributing to an HSA. You can delay enrollment in Medicare Part A only if you delay taking Social Security. You can delay taking Social Security up until age 70 and one half years old.
Can military retirees have an HSA?
Yes. TRICARE, the federal program that covers active and retired military, doesn't offer an HSA qualified plan design.
What VA rating gets you free healthcare?
We're committed to providing free health care for conditions related to military service and for Veterans with catastrophic disabilities and disability ratings of at least 50%, as well as for those who can't afford to pay for care. Learn more about how we'll determine if you'll need to pay for any part of your care.
Can I contribute to an HSA if I don't have health insurance?
Key Takeaways. HSAs let you set aside pre-tax income to cover healthcare costs that your insurance doesn't pay. You can only open and contribute to an HSA if you have a qualifying high-deductible health plan.
Can anyone have an HSA?
Yes. The HSA belongs to the individual not the employer and any eligible individual may open an HSA. As long as you are covered under a High Deductible Health Plan (HDHP) you may open and contribute to an HSA.
Why can't I have an HSA if I have TRICARE?
TRICARE doesn't meet the minimum annual deductible requirements for a High Deductible Health Insurance Plan (HDHP). It also doesn't meet HSA criteria as “other health insurance. TRICARE supplements don't qualify as "other health insurance.".”
Do veterans get paid for life?
The SSA evaluates military records when claimants apply for benefits, and qualifying veterans can get a lifetime earnings credit for wages during service. Eligibility is based on length of service.
Do veterans get free life insurance?
Service-Disabled Veterans' Life Insurance (S-DVI) provides life insurance coverage to Veterans who have been given a VA rating for a new service-connected disability in the last two years. Totally disabled Veterans are eligible for free coverage and have the opportunity to purchase additional life insurance.
Do veterans get TRICARE for life?
When you retire from active duty you are eligible to purchase Tricare Prime, Select, or the US Family Health Plan. Once you reach age 65 you are no longer eligible for those programs, you can then purchase Medicare and TRICARE for Life.
Can I contribute to an HSA if I am a Veteran?
It depends. Under the IRS Section 223 (c) (1), an otherwise HSA-eligible individual who is eligible to receive VA medical benefits, but who has not actually received such benefits during the preceding three months, is an eligible individual.
Coaches' Takeaway
It depends on whether or not you have received benefits from the V.A. within a certain timeframe. Please refer to the above and the IRS location for further explanation.
Tools & Resources
CDHPCoach’s Storage Facility, where the Coach has organized and compiled a vast amount of tools and resources for you to access.
Library
Housed here are key components and information within the book, Bend the Healthcare Trend which was the impetus behind the CDHPCoach.
Does VA health care meet the ACA?
If I’m signed up for the VA health care program, does that mean I meet the requirements to have health care under the Affordable Care Act (ACA)? Yes. Being signed up for VA health care meets your Affordable Care Act health coverage requirement of having “minimum essential health coverage.”.
Does VA pay deductible?
Your private insurer may apply your VA health care charges toward your annual deductible (the amount of money you pay toward your care each year before your insurance starts paying for care).
Can veterans receive HSA if they have a non service connected disability?
Also, if veterans receive VA medical benefits for a non- service-connected disability during the prior three months, they still are not eligible to make or receive HSA contributions. The determining factor that allows the contributions is that the treatment was for a service-connected disability.
Can veterans with service connected disability be blocked from HSA?
Today, veteran s with a service-connected disability will not be blocked from HSA eligibility because they accessed VA benefits in the past three months. The new rule is not a qualifying event and veterans are responsible for determining their eligibility.
Can veterans contribute to HSA?
Before the amendment, veterans who received medical benefits from the Department of Veterans Affairs couldn’t contribute to an HSA for three months following care. This amendment also applies to the contributions from the veteran’s employer. Today, veterans with a service-connected disability will not be blocked from HSA eligibility ...
Can veterans receive HSA if they have a disability?
Now, veterans who are enrolled in a high-deductible health plan with no disqualifying coverage and who have a service-connected disability are eligible to make or receive HSA contributions regardless of when they received Department of Veterans Affairs benefits.
