Do I have to be enrolled in a High Deductible Health Plan (HDHP) to contribute into an HSA (Health Savings Account)?
A. Yes. Q. If I have an HSA (Health Savings Account) and an FSA (Flexible Spending Account) can I get reimbursed from both accounts A. No. Both of these accounts are regulated by the IRS and strict guidelines have been put in place to avoid “double dipping”. If you have both accounts, the FSA becomes a “limited purpose” account (limited to dental, vision or preventive care expenses).
Related Questions
- Can an individual who is not covered by a high deductible health plan HDHP for the whole year contribute the maximum annual limit established by the IRS?
- What happens to the money in my HSA if I lose or cancel my High Deductible Health Plan (HDHP) coverage?
- What Is an HSA Qualified Health Insurance Plan/High Deductible Health Plan (HDHP) ?
