What is an HSA-eligible insurance plan?
An HSA-eligible insurance plan is often referred to as a High Deductible Health Plan (HDHP). In order to have a Health Savings Account, you must get an HSA-eligible health insurance plan. As inferred by its name, this type of plan usually has lower premiums coupled with higher deductibles and co-pays.
In order for a health insurance plan to be considered HSA-eligible, it must satisfy the following criteria:
- The annual deductible must be at least $1,100 for individuals and at least $2,200 for families.
- The total out-of-pocket cost (other than premiums) of the plan does not exceed $5,500 for individuals and $11,000 for families.
NOTE: If you have coverage under a spouse’s employer-sponsored plan or other health insurance coverage in addition to your HSA-eligible health insurance plan, then the other plan must also be HSA-eligible in order to contribute to an HSA. HSAs do not allow overlapping benefits, which means that if the other plan is not HSA-eligible, it cannot cover any benefits offered by your HSA-eligible plan.
Health Savings Account (HSA) FAQs
- Can I roll over funds from other accounts into my HSA?
- How can I utilize my HSA funds?
- How do I begin this process?
- How do I know my money safe?
- How does an HSA help me save on taxes?
- How much can I contribute to my HSA?
- What are my extra costs if I choose an HSA?
- What are qualified medical expenses?
- What is a Health Savings Account (HSA)?
- What is an HSA-eligible insurance plan?
- Where can I invest my HSA funds?
- Why should I consider getting an HSA?
