Author Topic: HSA eligibility question  (Read 2228 times)

marouxlas

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HSA eligibility question
« on: September 30, 2014, 07:38:24 AM »
Could some please help me figure out if I am eligible to contribute to an HSA account? Which limits should I be above and which below?

My health plan is for a single (not family) and has a combined annual deductible of $1,000 and a combined coinsurance maximum (out-of-pocket) of $3,000.

Big thanks.

GGNoob

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Re: HSA eligibility question
« Reply #1 on: September 30, 2014, 10:23:23 AM »
According to this link (http://www.irs.gov/publications/p969/ar02.html) it looks like the minimum annual deductible is $1,250.

marouxlas

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Re: HSA eligibility question
« Reply #2 on: September 30, 2014, 12:37:36 PM »
According to this link (http://www.irs.gov/publications/p969/ar02.html) it looks like the minimum annual deductible is $1,250.

So how do I translate that, as if I do or do not qualify? Thanks.

seattlecyclone

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Re: HSA eligibility question
« Reply #3 on: September 30, 2014, 12:59:51 PM »
Is your plan marketed as a "High Deductible Health Plan" (those exact words)? If not, you probably don't qualify for an HSA.

GGNoob

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Re: HSA eligibility question
« Reply #4 on: September 30, 2014, 01:39:48 PM »
According to this link (http://www.irs.gov/publications/p969/ar02.html) it looks like the minimum annual deductible is $1,250.

So how do I translate that, as if I do or do not qualify? Thanks.

My guess is that if you don't meet the minimum required deductible, then you don't qualify.

marouxlas

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Re: HSA eligibility question
« Reply #5 on: September 30, 2014, 06:46:35 PM »
Thanks for the help, I guess I do not qualify.

rayt168

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Re: HSA eligibility question
« Reply #6 on: October 01, 2014, 05:49:32 AM »
Is your health plan a high deductible health plan?  If so, you can contribute.  See the following link.  https://www.associatedbank.com/personal/save/health-savings-accounts/HSA-frequently-asked-questions#2.%20Contributing%20To%20Your%20HSA

If your health plan isn't a high deductible plan, check into opening a flexible spending account.  The money is pretax.  However, the only drawback is that if you don't use it, you lose it.  HSA doesn't have this limitation.

Hope this helps.