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Health Savings Account Eligibility

Anyone is eligible for a health savings account as long as the following considerations are met:

  • You are covered by an HSA-qualified High Deductible Health Plan (HDHP)
  • You are not covered by other health insurance
  • You are not enrolled in Medicare
  • You are not claimed as a dependent on someone else's tax return

In addition to the HDHP, you also are permitted to have the following healthcare coverage:

  • Specific Disease/Illness, Disability, Dental, Vision, & Long Term Care
  • Employee Assistance, Disease Management, or Wellness Programs
  • VA Benefits (See VA Benefits & HSAs)
  • IHS Benefits (See IHS Benefits & HSAs)

To learn more, see HSA Eligibility and Contributions.


HSA-Qualified High Deductible Health Plan (HDHP)


Today, you typically have choices as to which HSA health plan works best for you.  However, plans do vary from state to state, so we will cover some of the more common options. 

Some plans cover 100% of your medical expenses once the deductible is met.  Other plans offer co-insurance which reduces your monthly premiums even further.  With co-insurance, the plan would pay a percentage of your medical expenses after the deductible is met and until you reach a specific dollar amount referred to as a 'maximum out-of-pocket'.  At this point the insurance begins paying all medical expenses at 100% of the cost. 

Plans may also offer choice in the amount of your deductible.  Remember, the higher the deductible, the lower the premium.  Work with your local insurance professional to review your options and find the health plan that best covers your needs at a price that is affordable to you.


2013 HDHP Requirements & HSA Contribution Limits


Deductibles & Maximum Out-of-Pocket Expenses:

  • Federal law dictates the minimum deductible for a qualified HSA plan.  Plus, the amount of medical expenses you pay out of your own pocket in any given year (before the insurance pays 100%) is also set by law.  These amounts are indexed annually to reflect the rate of inflation.
 2013 HDHP Requirements

 Coverage

Minimum
Deductible

 Maximum
Out-of-Pocket

 Individual $1,250  $6,250
 Family $2,500  $12,500

 

Individual Policy: 

Minimum Deductible:  $1,250
Maximum Out-of-Pocket:  $6,250

Family Policy: 

Minimum Deductible:  $2,500
Maximum Out-of-Pocket:  $12,500

 

HSA Contribution Limits:

  • HSA contributions are funds that are deposited into your HSA.  Although anyone can make deposits into your HSA, (whether that's you, your employer, or a generous relative) federal law sets the maximum amount that can be deposited on an annual basis. 
     
2013 HSA Contribution Limits
Coverage
Regular
Catch-Up (Age 55+)
Individual
$3,250 $1,000
Family $6,450 $1,000

 

Individual Policy:

Maximum 2012 Contributions:  $3,250
If Age 55+ (w/ $1,000 catch-up):  $4,050

Family Policy:

Maximum 2012 Contributions:  $6,450
If Age 55+ (w/ $1,000 catch-up):  $7,150


 

2014 HDHP Requirements & HSA Contribution Limits


Deductibles & Maximum Out-of-Pocket Expenses:

  • Federal law dictates the minimum deductible for a qualified HSA plan.  Plus, the amount of medical expenses you pay out of your own pocket in any given year (before the insurance pays 100%) is also set by law.  These amounts are indexed annually to reflect the rate of inflation.
 2014 HDHP Requirements

 Coverage

Minimum
Deductible

 Maximum
Out-of-Pocket

 Individual $1,250  $6,350
 Family $2,500  $12,700

 

Individual Policy: 

Minimum Deductible:  $1,250
Maximum Out-of-Pocket:  $6,350

Family Policy: 

Minimum Deductible:  $2,500
Maximum Out-of-Pocket:  $12,700

 

HSA Contribution Limits:

  • HSA contributions are funds that are deposited into your HSA.  Although anyone can make deposits into your HSA, (whether that's you, your employer, or a generous relative) federal law sets the maximum amount that can be deposited on an annual basis. 
     
2014 HSA Contribution Limits
Coverage Regular Catch-Up (Age 55+)
Individual $3,300 $1,000
Family $6,550 $1,000

 

Individual Policy:

Maximum 2014 Contributions:  $3,300
If Age 55+ (w/ $1,000 catch-up):  $4,300

Family Policy:

Maximum 2014 Contributions:  $6,550
If Age 55+ (w/ $1,000 catch-up):  $7,550