Who can qualify for an HSA?
• As of January 1, 2004, everyone under age 65 is eligible to establish a HSA, provided they have a qualified High Deductible Health Plan and are not covered by another health plan. What must a plan offer to be a qualified HDHP?: • For a single individual the plan deductible cannot be less than $1,000, and it must have a cap of not more than $5,000 on total out of pocket expense (deductible plus coinsurance) in-network. • The family plan must offer a deductible of not less than $2,000, and have an out-of-pocket cap of not more than $10,000 in-network. (please note: to satisfy a HDHP family deductible it is not necessary for two or more family members to satisfy individual deductibles – the traditional definition – if all family members collectively exceed the “family deductible” benefits become payable. If the plan does not define family deductible in this fashion, it is not a qualified plan). • The deductibles will be indexed annually for inflation. HSA Contributions: • You can make a
