What is considered an HDHP?
2006 & 2007 HDHP Limits(1)Self OnlyFamily2006 Annual Deductible$1,050 or more$2,100 or more2006 Annual Deductible plus out-of-pocket expenses cannot exceed$5,250$10,5002007 Annual Deductible$1,100 or more$2,200 or more2007 Annual Deductible plus out-of-pocket expenses cannot exceed$5,500$11,000*HDHP limitations are revised each year to reflect cost-of-living increases. • What are qualified medical expenses? For HSA assets to retain their tax free status, they may be withdrawn and used only for certain expenses. These expenses include: • Actual medical expenses, including doctor visits, prescriptions, transportation to get medical care, and dental care. • Long-term care insurance. • Health care coverage when unemployed, certain continuation-of-benefit healthcare coverage, and certain health insurance after age 65. Non-qualified uses of HSA assets are subject to taxation and a 10% IRS penalty unless the HSA owner is age 65 or older, dies, or is disabled. • Can self-employed individuals h
Related Questions
- If the employee’s family is not covered under the employees’ qualified HDHP, can the employee still use his or her HSA funds to pay their qualified expenses?
- Im on the HDHP and participate in the Health Savings Account (HSA). Can I also participate in the Health Care Flexible Spending Account (FSA) through WageWorks?
- What is a "high-deductible health plan" (HDHP)?
