Author Topic: High Deductible Health Plan  (Read 2018 times)

Vagabond76

  • Stubble
  • **
  • Posts: 225
  • Age: 44
  • Location: Destin, FL
High Deductible Health Plan
« on: October 22, 2016, 01:05:52 PM »
To qualify for a Health Savings Account (HSA), one needs a High Deductible Health Plan (HDHP).

The IRS defines a HDHP as a plan with an "annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the  annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,550 for self-only coverage or $13,100 for family coverage."

If my health coverage's deductibles are not this high, I suppose I am shut out of a HSA.  Are there any exceptions?

MDM

  • Senior Mustachian
  • ********
  • Posts: 10667
Re: High Deductible Health Plan
« Reply #1 on: October 22, 2016, 07:56:09 PM »
No.  That's the definition of "High" in High Deductible Health Plan.  They have to draw the line somewhere....

Hotstreak

  • Pencil Stache
  • ****
  • Posts: 826
Re: High Deductible Health Plan
« Reply #2 on: October 22, 2016, 08:58:42 PM »
To qualify for a Health Savings Account (HSA), one needs a High Deductible Health Plan (HDHP).

The IRS defines a HDHP as a plan with an "annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the  annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,550 for self-only coverage or $13,100 for family coverage."

If my health coverage's deductibles are not this high, I suppose I am shut out of a HSA.  Are there any exceptions?


If you are married & your spouse has access to a HDHP, then you can both be covered under your spouses plan and use the "family" HSA.  Otherwise, no.

Dezrah

  • Bristles
  • ***
  • Posts: 457
Re: High Deductible Health Plan
« Reply #3 on: October 24, 2016, 11:39:36 AM »
The IRS defines a HDHP as a plan with an "annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the  annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,550 for self-only coverage or $13,100 for family coverage."

There are additional requirements that must be met to qualify for an HSA.  It is not possible to glance at the deductibles and OOPMs alone and determine whether or not a plan permits HSA contributions.  I would only assume a plan is HSA eligible if it were advertised as such.