If Trump’s recent executive orders are any indication, the administration seems to be “pro” HSA. The most recent directive, issued on Thursday, October 3rd, called for a change to the rules regarding who can contribute to medical savings accounts (MSAs) as well as how long health savings account (HSA) holders can contribute to their accounts, making both more accessible.

If your health insurance is provided by your employer, and you are enrolled in a HDHP, your employer may also offer an HSA. Even if you employer doesn’t sponsor an HSA, no worries, you can open an HSA on your own. Self-employed? Just make sure when you sign up for an HDHP it is “HSA-eligible.” Most are, and you too can open your own HSA account.

To be eligible to contribute to a health savings account (HSA), you must be enrolled in a qualified High Deductible Health Plan (HDHP). However, as we know, life happens, and situations (and your health insurance) can change. You may get a new job that doesn’t have an HDHP as an option, or just decide that a different type of health insurance is more aligned with your needs.