How Can I Tell If My Health Plan Qualifies for an HSA?

If you're wondering if your health plan qualifies for a Health Savings Account (HSA), there are a few key points to consider.

First, check if your health plan is considered a High Deductible Health Plan (HDHP). This is a crucial requirement for being eligible for an HSA.

Here are some ways to determine if your health plan qualifies for an HSA:

• Check your plan's deductible amount: For 2021, an HDHP must have a minimum deductible of $1,400 for individuals and $2,800 for families.
• Look at your out-of-pocket maximum: The out-of-pocket maximum for an HDHP in 2021 is $7,000 for individuals and $14,000 for families.
• Verify if your plan covers only preventive care before meeting the deductible.

If your plan meets these criteria, it likely qualifies for an HSA. It's always recommended to consult with your insurance provider or HR department for confirmation.

If you're curious about whether your health plan qualifies for a Health Savings Account (HSA), start by verifying its status as a High Deductible Health Plan (HDHP). This is essential for HSA eligibility.

To determine if your health plan qualifies, consider the following:

• Examine your plan’s deductible: An HDHP must have at least a $1,500 deductible for individuals and $3,000 for families in 2023.
• Check the out-of-pocket maximum: The limit for an HDHP is $7,500 for individuals and $15,000 for families in 2023.
• Ensure that your plan offers coverage for preventive services without requiring you to meet the deductible first.

If your health plan meets these criteria, it likely qualifies for an HSA. For further confirmation, don’t hesitate to reach out to your insurance provider or employer's HR department.