What Health Insurance Qualifies for HSA 2019?

When it comes to Health Savings Accounts (HSA) in 2019, understanding what health insurance qualifies is crucial for maximizing the benefits of this tax-advantaged account. Not all health insurance plans are eligible for pairing with an HSA, so knowing the specifics is essential.

So, what health insurance qualifies for HSA in 2019? To be eligible to open and contribute to an HSA, your health insurance plan must meet the following criteria:

• High Deductible Health Plan (HDHP): The primary requirement for HSA eligibility is being enrolled in an HDHP. In 2019, an HDHP for individuals must have a minimum annual deductible of $1,350 and out-of-pocket maximum of $6,750. For families, the minimum annual deductible is $2,700 with an out-of-pocket maximum of $13,500.
• Not covered by other health insurance: You cannot be covered by any other health insurance that is not an HDHP. This includes being ineligible for Medicare benefits or being a dependent on someone else's non-HDHP insurance.
• No access to a general-purpose FSA or HRA: If you have a Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA) that provides coverage for medical expenses, you may not qualify for an HSA.

By meeting these criteria, you can enjoy the tax benefits and flexibility of an HSA while saving for future medical expenses. It's important to review your health insurance plan details to ensure it aligns with HSA guidelines and to consult with a financial advisor for personalized advice.

Understanding what health insurance qualifies for your Health Savings Account (HSA) in 2019 can significantly impact your financial planning. To tap into the tax benefits of HSAs, it's essential to ensure your health plan meets the necessary criteria.