Health Savings Accounts
How do I qualify to open an HSA?
You must have insurance coverage under a qualified High Deductible Health Plan (HDHP) to open and contribute to an HSA. In 2008, the HDHP deductible must be at least $1,100 for individual coverage and $2,200 for family coverage. In addition, annual out-of-pocket expenses under the plan (including deductibles, copays and coinsurance) cannot exceed $5,600 for individual coverage and $11,200 for family coverage. These amounts are adjusted annually for inflation. You may not be covered by any health plan (including a HCFSA) that is not an HDHP, may not be enrolled in Medicare Part A or Part B, and may not be claimed as a dependent on another person's tax return.
View additional questions:
- What is a Health Savings Account?
- How do I qualify to open an HSA?
- When can I contribute to an HSA?
- Can I still participate in my employer's Health Care Flexible Spending Account (HCFSA) Plan if I am contributing to an HSA?
- How much can I contribute to my HSA?
- Can money be rolled over from My Health Flexible Spending Account or Healthcare Reimbursement Account into My HSA?
- Can I transfer money from my Individual Retirement Account (IRA) into my HSA?
- Who can contribute to my HSA?
- What is the tax treatment of an HSA contribution?
- What can I use my HSA money for?
- What if I withdraw money from my HSA and don't use it for qualified medical expenses?
- Are contributions and distributions on my HSA reported to the IRS?