Do I Qualify For an HSA?
Created
May 19, 2010 by:
HDHPexpert
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Although qualification requirements vary state-by-state and the IRS regulations are subject to change at any time, the following list contains the two major points of qualification for a Health Savings Account (HSA).
1. Does your health plan have a deductible of more than $1200 for a single enrollee or a $2400 for an enrolled family?
2. Do all medical expenses go towards your plans deductible? (excluding Safe Harbor Benefits)
Note on #2: Some newer plans being offered by insurance carriers are considered hybrid plans; meaning they have a deductible that applies for certain expenses (hospitalization for example) but a copay-based structure for other expenses, such as a doctor’s visit or prescription drug. These hybrid plans are not true high-deductibles and therefore are not Health Savings Account eligible.
For example, a plan may have a $1500 hospitalization deductible but a primary care physician (PCP) copay of $50. A plan such as this is not HSA eligible.
