How Do I Determine If My Health Insurance is HSA Eligible?

When it comes to determining if your health insurance is eligible for a Health Savings Account (HSA), there are a few key factors to consider. Here's a guide to help you navigate through this process:

Health insurance plans that are HSA-eligible typically have a high deductible, as defined by the IRS for that specific year. For 2021, the minimum deductible for an HSA-eligible plan is $1,400 for an individual and $2,800 for a family.

In addition to the deductible requirements, your health insurance plan must also meet the following criteria:

• It cannot offer any non-preventive health benefits before the deductible is met, except for certain preventive services.
• You are not enrolled in Medicare or claimed as a dependent on someone else's tax return.
• You do not have other disqualifying coverage such as a general purpose flexible spending account (FSA).
• Your plan must be a high-deductible health plan (HDHP).

If you're unsure whether your health insurance plan meets these requirements, you should contact your insurance provider for clarification. They can provide you with detailed information about your plan's eligibility for an HSA.

Determining if your health insurance is eligible for a Health Savings Account (HSA) involves understanding a few key factors. One of the primary indicators is whether your plan is classified as a high-deductible health plan (HDHP) as per IRS guidelines.