HSA Basics
- Health Savings Accounts (HSAs) were created as part
of the Medicare Prescription Drug Improvement and
Modernization Act of 2003.
- HSA account holders can put money into an HSA to
pay for current health care expenses and to save for
future health care expenses.
HDHP Basics
- An HDHP is a health insurance plan with a minimum
deductible of $1,100 for individual coverage and
$2,200 for family coverage.
- The deductible must apply to all covered benefits with
the exception of preventive care.
- The deductible must apply to the cost of prescription
medications.
|
|
HSA Eligibility
- An individual is eligible for an HSA if he/she:
- Is covered under a High Deductible Health Plan
(HDHP).
- Has no other health insurance coverage (except for
permitted coverage; see below).
- Is not enrolled in Medicare.
- Cannot be claimed as a dependent on another
person’s tax return.
- There are no employment or income requirements to
open an HSA.
Permitted Insurance Policies With an HSA
- Accident – All
levels
- Cancer/Specified-
Disease – All
levels
- Dental
- Life
- Vision
- Hospital Protection –
Policy Series(Plan 1)
- Hospital Intensive Care
Protection (Plan 2)
- Long-Term Care
|
