Author Topic: How do I know if an insurance plan is HSA eligible?  (Read 1537 times)

Malum Prohibitum

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How do I know if an insurance plan is HSA eligible?
« on: November 14, 2016, 06:46:01 AM »
Dear Mustachians,

I have read the guidelines from the IRS for 2017.  They say the minimum required deductible is $2600 for daily coverage.  The maximum out of pocket is $13,100, again for family coverage.

I think I know how to read, but almost every plan available falls between those two.  Am I missing something?  Are almost all plans for 2017 high deductible health plans?

For example, a Silver plan for 2017 shows $4500 per family deductible and an Out Of Pocket Maximum of $12,000.  A glance at the first paragraph of this post shows that those numbers are above and below the minimum and maximum.  Does that mean that this Silver plan is HSA eligible?

My insurance broker says no.  According to him, only the plans that say "HSA eligible" in their description (and some few of them do) are HSA eligible.  All of these plans are Bronze type plans with 12,500 family deductibles or so.

What say the Mustachians?

Can I read, or do I listen to my insurance broker because I obviously can't read?

I would like to keep my HSA account and contribute to it in 2017, but I really do not like the idea of buying a Bronze plan again.

Please help me out if you know the answer.

Spork

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Re: How do I know if an insurance plan is HSA eligible?
« Reply #1 on: November 14, 2016, 07:00:54 AM »
You can also search on healthcare.gov for hsa compatible plans.

If you are on the screen where you are viewing all plans, click on "filter plans".  There is a filter for "HSA compatible".

Malum Prohibitum

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Re: How do I know if an insurance plan is HSA eligible?
« Reply #2 on: November 14, 2016, 09:06:33 AM »
You can also search on healthcare.gov for hsa compatible plans.

If you are on the screen where you are viewing all plans, click on "filter plans".  There is a filter for "HSA compatible".
Thanks, Spork.  I will do that.  An hour later and I am still not finished filling out all of the information on the web site to get in and see . . .

Malum Prohibitum

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Re: How do I know if an insurance plan is HSA eligible?
« Reply #3 on: November 14, 2016, 09:07:35 AM »
https://www.medmutual.com/For-Individuals-and-Families/Health-Insurance-Education/Health-Insurance-Basics/Understanding-an-HSA.aspx

Quote
To use an HSA with your health insurance plan, you need to enroll in a Qualified High-Deductible Plan. Itís important to know that not all high-deductible health plans are Qualified. The Internal Revenue Service (IRS) defines what makes a plan Qualified. These requirements can change, so be sure to check that your high deductible plan is a Qualified high-deductible plan.
  Well, gee, are the "Qualified" requirements Top Secret or something?

Malum Prohibitum

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Re: How do I know if an insurance plan is HSA eligible?
« Reply #4 on: November 14, 2016, 09:09:05 AM »
This is old information from Blue Cross Blue Shield, but it appears to be a clue as to the additional requirements.


  • No services paid for prior to meeting deductible (except for preventive care)
    No deductible required for preventive care
    For family coverage: family deductible must be met before any reimbursement can be made
    No prescription drug copayments
    Higher limits allowed for non-participating provider services

http://www.bcbsil.com/country/hsa_qualifies.htm

That would appear to disqualify any Silver plan.