Is my plan HSA eligible in 2018?

Many people are confused about whether their health insurance plan qualifies as HSA eligible in 2018. Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. To determine if your plan is HSA eligible in 2018, here are some key points to consider:

1. High Deductible Health Plan (HDHP): Your health insurance plan must meet specific criteria in order to be considered an HDHP, which is a requirement for HSA eligibility. In 2018, an HDHP must have a minimum deductible of $1,350 for individual coverage and $2,700 for family coverage.

2. Out-of-Pocket Maximum: Additionally, your HDHP must have a maximum limit on out-of-pocket expenses, including deductibles, copayments, and coinsurance. The out-of-pocket maximum for 2018 is $6,650 for individuals and $13,300 for families.

3. HSA Contribution Limits: If your plan meets the HDHP criteria, you can contribute to your HSA account. In 2018, the maximum contribution limit is $3,450 for individuals and $6,900 for families.

4. Other Eligibility Requirements: It's important to note that you cannot be enrolled in Medicare or claimed as a dependent on someone else's tax return if you want to contribute to an HSA.

By reviewing these key points and checking your plan details with your insurance provider, you can determine if your plan is HSA eligible in 2018. If you meet the requirements, you can start taking advantage of the benefits that an HSA offers.

Is your health insurance plan HSA eligible for 2018? Understanding how to navigate the world of Health Savings Accounts (HSAs) can be overwhelming. To qualify for an HSA, your insurance plan must be a High Deductible Health Plan (HDHP). Remember, in 2018, an HDHP must have at least a $1,350 deductible for individuals or $2,700 for families.