Anyone is eligible for an HSA 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 & HSA's)

To learn more, see Eligibility and Contributions.

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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.

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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.

2012 HDHP Requirements
Coverage	Minimum Deductible	Maximum Out-of-Pocket
Individual	$1,200	$6,050
Family	$2,400	$12,100

 

Individual Policy:  Minimum Deductible:  $1,200 Maximum Out-of-Pocket:  $6,050

Family Policy:  Minimum Deductible:  $2,400 Maximum Out-of-Pocket:  $12,100

 

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. 
   

2012 HSA Contribution Limits
Coverage	Regular	Catch-Up (Age 55+)
Individual	$3,100	$1,000
Family	$6,250	$1,000

 

Individual Policy: Maximum 2012 Contributions:  $3,100 If Age 55+ (w/ $1,000 catch-up):  $4,100

Family Policy: Maximum 2012 Contributions:  $6,250 If Age 55+ (w/ $1,000 catch-up):  $7,250

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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

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