How to Determine If Your HSA is a High Deductible Plan

Health Savings Accounts (HSAs) are becoming increasingly popular as a way to save for medical expenses while taking advantage of tax benefits. One common question people have is how to know if their HSA is considered a high deductible plan. Here are some key points to help you determine if your HSA qualifies as a high deductible plan:

When assessing your HSA, consider the following criteria:

• The minimum deductible amount for an HSA-eligible high deductible plan for individuals is $1,400 and for families is $2,800.
• The maximum out-of-pocket limit for an HSA-eligible high deductible plan for individuals is $6,900 and for families is $13,800.
• Check with your insurance provider or employer to confirm if your plan meets the criteria for an HSA-eligible high deductible plan.
• Review the Summary of Benefits and Coverage (SBC) provided by your insurance plan to understand the deductible and out-of-pocket limits.
• Consult with a tax professional or financial advisor to ensure that your HSA contributions align with the requirements of a high deductible plan.

Health Savings Accounts (HSAs) can be a game-changer for managing healthcare expenses, and understanding whether your account is linked to a high deductible plan is crucial for maximizing your savings. To determine eligibility, remember that the minimum deductible for an individual is $1,400, while for families, it stands at $2,800.