Chances are, your high-deductible health plan is HSA-eligible, meaning having an HDHP gives you the right to open an HSA. Money you put into an HSA is tax-deductible. If your employer provides you the option to contribute to your HSA via your paycheck, then the contribution is made pre...
If your company offers you a high-deductible health plan (HDHP), also known as a Health Savings Account (HSA) eligible plan, as an option, it's a good idea to become familiar with how it works. The first question people often have is how it differs from a traditional health plan. ...
What Qualifies as a High-Deductible Health Plan for an HSA? You can combine your HDHP with an HSA, which is a tax-advantage health care plan. In order to qualify for an HSA, you must be enrolled in an HDHP and not have any other type of health insurance. The Internal Revenue Servic...
Can be used in conjunction with an HSA:The money you contribute to an HSA has tax advantages that can help you save on eligible medical expenses and help offset the cost of the high deductible. You can also invest and carry over HSA funds. Limitations Potential for higher out-of-pocket co...
A high deductible health plan offers lower monthly premium payments and a higher deductible . With a high deductible health plan (HDHP), you pay out of pocket until you reach your deductible. When you reach your deductible, you pay copayments and coinsurance until you reach your annual Out-...
A high deductible health plan, or HDHP, is a specific type of health plan that's regulated under IRS rules. Understand how these plans work and how they allow you to contribute to an HSA.
How Do I Know If I Have a High-Deductible Health Plan? If you have access to a health savings account (HSA), then you have a high-deductible health plan. This type of insurance has a lower premium and a higher deductible than a traditional health plan. Having an HDHP is one of the...
In general, your health plan starts paying for eligible medical expenses after you’ve met your deductible, meaning you’ve paid out of pocket up to the amount of the plan’s deductible. This applies to high-deductible health plans, as well as traditional plans. ...
How to tell if your HDHP is HSA-qualified Choosing between a low or high deductible health plan
If you have high-deductible health plan coverage, you'll pay a smaller premium amount each month, but you must also pay thousands of dollars out-of-pocket.