Can a self-insured medical reimbursement plan sponsored by an employer be an HDHP?
How does an eligible individual establish an HSA? Beginning January 1, 2004, any eligible individual can establish an HSA with a qualified HSA trustee or custodian, in much the same way that individuals establish IRAs or Archer MSAs with qualified IRA or Archer MSA trustees or custodians. No permission or authorization from the Internal Revenue Service (IRS) is necessary to establish an HSA. An eligible individual who is an employee may establish an HSA with or without involvement of the employer. back to top Who is a qualified HSA trustee or custodian? Any insurance company or any bank (including a similar financial institution as defined in section 408(n)) can be an HSA trustee or custodian. In addition, any other person already approved by the IRS to be a trustee or custodian of IRAs or Archer MSAs is automatically approved to be an HSA trustee or custodian. Other persons may request approval to be a trustee or custodian in accordance with the procedures set forth in Treas. Reg. ยง 1
Related Questions
- Can I contribute to a traditional IRA if I participate in my employers retirement plan? What about if my spouse participates in an employer sponsored plan?
- Can a self-insured medical reimbursement plan sponsored by an employer be an HDHP?
- Can an employer design and tailor their own group medical benefit plan?
