What If My 2019 Medical Insurance Does Not Qualify for an HSA?

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What to do with non-HSA insurance

If your 2019 medical insurance does not qualify for an HSA, it's essential to understand your options and alternatives to still benefit from the advantages of a Health Savings Account.

Steps to get HSA benefits anyway

Here are some steps you can take:

• Check if there are any other health insurance plans offered by your employer that are HSA-eligible.
• Consider switching to a High Deductible Health Plan (HDHP) that qualifies for an HSA.
• You can continue using your non-HSA eligible insurance while opening a separate HSA account to save for future medical expenses.
• Look into opening an Individual HSA if you are not covered by any HSA-eligible health insurance plan.

By exploring these options, you can still take advantage of the tax benefits and flexibility that an HSA offers even if your current medical insurance does not qualify.

Start with employer plan checks

If you find that your 2019 medical insurance does not qualify for an HSA, it's important to remember that there are still ways to take advantage of this powerful financial tool. Start by checking if your employer offers any other health plans that may be HSA-eligible, as this could be a simple fix.