Wildcat Posted March 4, 2021 Share Posted March 4, 2021 We changed insurance and don't know if our new plan is eligible for an HSA. The info I'm finding online isn't helping, so I'm either looking at the wrong places or the info just isn't helpful. Calling them just gets me a "look online" but there is nothing there saying either way. The card we got says medium deductible, but so did our other one and that was eligible. The reason I'm confused is the old one was through payroll deduction so it was obvious that we were eligible and this new plan is 'on our own' directly with the insurance company (same company as before). It *looks* like it's the same plan but the deductibles are different, yet still meet the HSA guidlines.... It looks like our deductibles meet the requirements I have found online, but then I see that sometimes that isn't enough. Can anyone help me figure this out? I swear, we need a simpler system in this country!! Grr. Quote Link to comment Share on other sites More sharing options...
historically accurate Posted March 4, 2021 Share Posted March 4, 2021 The IRS has their page here: https://www.irs.gov/publications/p969 Definitely not an expert, but by my reading: Deductible: Must meet both individual and family (if family plan). So, between $2800 and $14000. If you have a per person deductible, it can't be less than $2800. Quote: You have family health insurance coverage in 2020. The annual deductible for the family plan is $3,500. This plan also has an individual deductible of $1,500 for each family member. The plan doesn’t qualify as an HDHP because the deductible for an individual family member is less than the minimum annual deductible ($2,800) for family coverage. Prescription Plan: must use deductible before accessing benefits. Quote: You can have a prescription drug plan, either as part of your HDHP or a separate plan (or rider), and qualify as an eligible individual if the plan doesn’t provide benefits until the minimum annual deductible of the HDHP has been met. If you can receive benefits before that deductible is met, you aren’t an eligible individual. Other: Can't have FSA or HRA. Note: there are some qualifications to this. Quote: An employee covered by an HDHP and a health FSA or an HRA that pays or reimburses qualified medical expenses can’t generally make contributions to an HSA. I hate trying to decipher things like this when you just want a yes or no, and it's all so complicated. Hope this helps you. Quote Link to comment Share on other sites More sharing options...
Wildcat Posted March 5, 2021 Author Share Posted March 5, 2021 Thanks. That's the same & best info I found and while it *sounds* like we qualify, I'm just not 100% sure. I guess I'll just print it out and mark off and highlight the areas that are relevant and see what shakes out when compared to our plan. Sigh. I just wish it was more clear! Thanks again for trying to help! 1 Quote Link to comment Share on other sites More sharing options...
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