Is Your Medical Plan Eligible for HSA 2018?

If you're looking for ways to save on healthcare costs, you may want to consider a Health Savings Account (HSA). A Health Savings Account is a tax-advantaged savings account that can be used for medical expenses.

But, before you can open an HSA, you need to have a high-deductible health plan (HDHP). Not all health plans qualify, so it's important to check if yours is eligible for an HSA in 2018.

Here are some key points to consider:

• Check if your medical plan meets the IRS requirements for an HDHP
• Confirm the minimum deductible and maximum out-of-pocket limits for 2018
• Ensure your plan covers only preventive care before the deductible
• Make sure you are not covered by any other non-HDHP health insurance

If your medical plan meets these criteria, then you are eligible to open and contribute to an HSA in 2018. By contributing to an HSA, you can enjoy tax advantages and save for future medical expenses while lowering your taxable income.

Take the time to review your medical plan details and consult with a financial advisor to see if opening an HSA is the right choice for you.

If you're exploring ways to reduce your healthcare expenses, a Health Savings Account (HSA) might be a wise choice. This tax-advantaged account allows you to save money specifically for medical costs.

However, eligibility for an HSA requires you to enroll in a high-deductible health plan (HDHP). Not every health plan meets the qualifications, so it's crucial to verify the status of your plan for 2018.

To assist you, here are some important criteria to keep in mind:

• Ensure your medical plan aligns with IRS guidelines for an HDHP
• Double-check the minimum deductible and maximum out-of-pocket limits applicable for 2018
• Verify that your plan includes coverage solely for preventive care prior to the deductible being met
• Confirm that you are not covered under any additional non-HDHP insurance

If your plan satisfies these requirements, you can proceed to open and contribute to an HSA for 2018. Funding your HSA can bring you significant tax benefits while setting aside money for future medical expenses and decreasing your taxable income.

Take a moment to carefully examine your health plan’s details and seek advice from a financial advisor to determine if initiating an HSA aligns with your financial goals.