What is an HSA-eligible insurance plan?
An HSA-eligible insurance plan is often referred to as a High Deductible Health Plan (HDHP). In order to have a Health Savings Account, you must get an HSA-eligible health insurance plan. As inferred by its name, this type of plan usually has lower premiums coupled with higher deductibles and co-pays. In order for a health insurance plan to be considered HSA-eligible, it must satisfy the following criteria: • The annual deductible must be at least $1,100 for individuals and at least $2,200 for families. • The total out-of-pocket cost (other than premiums) of the plan does not exceed $5,500 for individuals and $11,000 for families. NOTE: If you have coverage under a spouse’s employer-sponsored plan or other health insurance coverage in addition to your HSA-eligible health insurance plan, then the other plan must also be HSA-eligible in order to contribute to an HSA. HSAs do not allow overlapping benefits, which means that if the other plan is not HSA-eligible, it cannot cover any benefi
