- What Are Health Savings Accounts?
- Who Can Establish an HSA?
- How Much Can Be Contributed to an HSA?
- How Do You Establish an HSA?
- Who Can Make Contributions to an HSA?
- How Are Contributions Made to an HSA?
- Can You Make Contributions to an HSA if You Are Covered under an FSA or HRA?
- Can Your Contributions Earn Interest?
- How Are Contributions Taxed?
- How Are Distributions Taxed?
- What Are Qualified Medical Expenses?
- Are Rollovers Permitted?
- What Happens to Funds Remaining in Your HSA?
These plans are available only to individuals with a qualified high-deductible health plan (HDHP). In 2015, a HDHP is a plan with a deductible of at least $1,300 ($1,250 in 2014) for individual coverage and $2,600 ($2,500 in 2014) for family coverage. In addition, in 2015 the annual out-of-pocket expense (e.g., co-pays, deductibles, and other amounts, other than premiums) can be no more than $6,450 ($6,350 in 2014) for individual coverage and $12,900 ($12,700 in 2014) for family coverage. These amounts are indexed annually for inflation. To qualify as an HDHP, no payment can be made from a family coverage plan for an individual (except for preventative care benefits to which a deductible does not need to apply) until the family deductible is met.
You generally will not be eligible to open an HSA, even if you are covered under an HDHP, if any of the following apply:
- You are already covered under a non-HDHP, including a comprehensive major medical plan, a plan sponsored by your employer or your spouse's employer, or a prescription drug plan with a low deductible or no deductible. However, depending on the type of non-HDHP coverage you have, you still may be eligible to establish an HSA. For example, if you are covered by a non-HDHP that provides insurance for a specific disease or illness, you may still be eligible for an HSA.
- You can be claimed as a dependant on another person's income tax return.
- You are entitled to Medicare coverage (i.e., you are age 65 or older), and have enrolled in Medicare.