I have found many people are not sure if they are in a High Deductible Health Plan. They know what their deductible is and it seems high. So are they eligible for a Heath Savings Account?
Just follow the questions below to see if you are eligible for a Health Savings Account.
Are you on Medicare?
If YES then you can not contribute to a Heath Savings Account
NO, then…
Are you covered under VA benefits?
If Yes then you can not contribute to a Health Savings Account for 3 months after receiving benefits.
NO, then …
Are you covered by a Heath Reimbursement Arrangement (HRA), Flexible Spending Account (FSA) or a Health Cafeteria Plan?
If Yes, you are, most likely, not able to contribute to a Health Savings Account. However, check with your employer to see if they are “properly coordinated with the HDHP”. If they have no clue what you are talking about you are not able to contribute to a Health Savings Account.
If NO, then…
Are you the only one insured under your health insurance?
If YES, Is your deductible $1,150 or greater?
If YES, You are eligible to contribute to a Health Savings Account.
If NO, You are not eligible to contribute to a Health Savings Account.
If NO, Is your deductible $2,300 or greater?
If YES, You are eligible to contribute to a Health Savings Account.
If NO, You are not eligible to contribute to a Health Savings Account.
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