Do I qualify for an HSA?

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nikfleisch
Posts: 33
Joined: Wed May 20, 2015 3:07 pm

Do I qualify for an HSA?

Post by nikfleisch »

Hello everyone - Thanks in advance for you help.

To start I began a new job in September of this year. I am now enrolled in their health care. Upon enrollment I asked our CFO is this was a HDHP plan that was eligible for an HSA, he said no.

I am looking through the documents and here are my Annual Deductibles and Out of Pocket Maximum's for my wife and I.

My Deductible - $2500
Family Deductible - $5000

My Out of Pocket Max - $7000
Family Out of Pocket Max - $13000

I know IRS PUB 969 states the minimum annual deductible is $1,300 and maximum is $6,550.

Am I correct in assuming my plan qualifies? If so what is my best option, can I open an HSA independently? I am looking to put the maximum in of $6,750 to minimize my taxes. My other question is - if I open my own independent account, will I be reimbursed the fica and medicare taxes that were taken out of my paycheck for the $6,750 when I file my federal tax returns? Will the company I open it wish issue me a certain tax form to lower my AGI?

Thanks!
mhalley
Posts: 10424
Joined: Tue Nov 20, 2007 5:02 am

Re: Do I qualify for an HSA?

Post by mhalley »

Deductable are not the only requirement that must be met for a plan to be hsa eligible.
. under an HDHP, no other benefits are provided until the insured has met the deductible. That means HDHPs cannot have copays for office visits or prescriptions prior to the deductible being met (as opposed to a plan that’s got a high deductible but also offers copays for office visits from the get-go; people might generally consider the latter to be a high deductible plan, but it’s not an HDHP

Source: https://www.healthinsurance.org/glossar ... alth-plan/
Follow us: @EyeOnInsurance on Twitter | healthinsurance.org on Facebook
In general, the plan will state if it is hsa qualified.
Topic Author
nikfleisch
Posts: 33
Joined: Wed May 20, 2015 3:07 pm

Re: Do I qualify for an HSA?

Post by nikfleisch »

mhalley wrote: Wed Dec 13, 2017 3:44 pm Deductable are not the only requirement that must be met for a plan to be hsa eligible.
. under an HDHP, no other benefits are provided until the insured has met the deductible. That means HDHPs cannot have copays for office visits or prescriptions prior to the deductible being met (as opposed to a plan that’s got a high deductible but also offers copays for office visits from the get-go; people might generally consider the latter to be a high deductible plan, but it’s not an HDHP

Source: https://www.healthinsurance.org/glossar ... alth-plan/
Follow us: @EyeOnInsurance on Twitter | healthinsurance.org on Facebook
In general, the plan will state if it is hsa qualified.
Here is the kicker - I chatted with customer support on United Healthcare's website and she said it was eligible...
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Nate79
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Joined: Thu Aug 11, 2016 6:24 pm
Location: Delaware

Re: Do I qualify for an HSA?

Post by Nate79 »

I would suggest that you CALL the health insurance company (not chat) and make sure. Then ask them to put it in writing. Then go to your CFO, show him the letter from the insurance company.
furikake
Posts: 353
Joined: Tue Sep 08, 2015 10:13 am

Re: Do I qualify for an HSA?

Post by furikake »

Nate79 wrote: Wed Dec 13, 2017 3:56 pm I would suggest that you CALL the health insurance company (not chat) and make sure. Then ask them to put it in writing. Then go to your CFO, show him the letter from the insurance company.
This. ^^^^^^^

OP: It's not you who can decide if a plan is HSA or not, it's your state department of insurance who approves if an plan is an HSA plan or not. The insurance company sends in their plans for the state to approve each year and the process takes months. An individual consumer does not ever make a plan HSA him/herself.
Mjac
Posts: 1
Joined: Wed Dec 13, 2017 8:13 pm

Re: Do I qualify for an HSA?

Post by Mjac »

I've been selling health insurance to companies for a long time. Every HSA qualified plan I've seen will have HSA in the name of the plan. At first glance many plans would be qualified with the high deductibles, but they will have first dollar coverage for Rx or a copay at a primary doctor etc.. making the plan ineligible for hsa.

If you are able to pay for services in any way other than deductible first, it's not hsa qualified.

Mike
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