To set up an HSA, you must be enrolled in a high-deductible health plan (HDHP). Here are the steps to set up and contribute to an HSA:
Check eligibility: Ensure you have an HDHP and meet other eligibility criteria. Choose an HSA provider: Banks, credit unions, and specialized firms offer HSAs. Open the account: Complete the necessary paperwork to open your HSA. Contribute: You can contribute up to $3,650 for individuals and $7,300 for families annually (2023 limits).
