How to Find Out If Your Health Plan Is HSA Eligible

Health savings accounts (HSAs) offer a tax-advantaged way to save for medical expenses, but not all health plans are eligible for an HSA. So, how can you find out if your health plan is HSA eligible? Here are some simple steps to determine if your health plan qualifies:

1. Check with your employer: Many employers offer HSA-eligible health plans, so start by contacting your HR department to inquire about the options available to you.

2. Review your plan documents: Your health plan documents, including the Summary of Benefits and Coverage, should clearly state whether the plan is compatible with an HSA.

3. Look for high deductible plans: HSA-eligible plans are typically high deductible health plans (HDHPs), meaning they have a minimum deductible set by the IRS each year.

4. Visit the IRS website: The IRS provides guidelines on HSA eligibility requirements, so you can check their website for the most up-to-date information.

By following these steps, you can quickly determine if your health plan is HSA eligible and start taking advantage of the benefits that come with an HSA.

Wondering if your health plan qualifies for a health savings account (HSA)? You’re not alone! Here’s a guide to help you determine HSA eligibility and take charge of your healthcare finances.