What qualifies a health plan to work for an HSA account?
To open an HSA, an employee must be enrolled in a qualified high deductible health plan (HDHP). To be HSA qualified, a high deductible health plan must have: • A minimum individual annual deductible of $1,200 or a minimum family annual deductible of $2,000. • An annual out-of-pocket maximum of no more than $5,000 for individual coverage or $10,000 for family coverage. Deductibles apply to out-of-pocket maximums. • All covered benefits, except for preventive care, must be subject to the deductible. Our Providence HSA Qualified Plans waive the deductible for preventive care.
Related Questions
- I want to switch to a plan with an HSA, but I still have funds left in a Flexible Spending Account (FSA) or Health Reimbursement Arrangement (HRA). What will happen to those funds?
- What happens to an HSA when the account holder no longer has a high-deductible health plan?
- What qualifies a health plan to work for an HSA account?
