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| What insurance plans are HSA-compatible? |
In order to have a Health Savings Account, you must get an HSA-compatible health insurance plan. This type of insurance plan is often referred to as a High Deductible Health Plan, and is typically less expensive than plans with lower deductibles. |
A health insurance plan must meet the following criteria to be considered HSA-compatible:
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The health insurance plan must have an annual deductible of at least $1,000 for individuals and at least $2,000 for families. |
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The sum of the annual deductible and the other annual out-of-pocket expenses required to be paid under the plan (other than premiums) does not exceed $5,000 for individuals and $10,000 for families.
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To make things easy for you, our site identifies the HSA-compatible plans with the symbol shown below: |
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NOTE: If you have other health insurance coverage (such as coverage under a spouse's employer-sponsored plan) in addition to your HSA-compatible health insurance plan, then the other plan must 1) also be HSA-compatible in order to contribute to an HSA or 2) the other plan cannot cover any benefits provided under your HSA-compatible plan. |
The information above is provided for general purposes only and is not tax advice. eHealthInsurance urges you to consult with your accountant or tax advisor before opening a health savings account to determine if it is appropriate specifically for you. |
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