Can self-employed individuals have a Health Savings Account?
Sole proprietors and others who are self-employed can have an HSA and are, in fact, often ideal candidates for an HSA. In these situations, the business owner is both employer and employee. HSAs are often advantageous for the self-employed because:
• High-deductible health insurance plans generally have modest premium costs and may be an effective cost-containment mechanism for the employer
• The employer is protected against potentially catastrophic healthcare expenses
• The HSA may serve the dual purpose of providing for both medical and retirement expenses.