Support & FAQ

HSA

  • What is a qualified high-deductible health plan?

    A qualified high-deductible health plan, or “HDHP,” is a type of health insurance plan. While an HDHP has a higher annual deductible than a traditional insurance plan, it also offers tremendous savings, including:

    • Lower monthly premiums then traditional health insurance plans
    • Coverage for preventative care services
    • A limit on the total out-of-pocket payment you are required to pay, including deductibles, covered medical expenses, copayments, and co-insurance
    You must be covered by a qualified HDHP to be eligible to enroll in an HSA.For individual coverage, the HDHP must have an annual deductible of at least $1,300 and annual out-of-pocket expenses (including co-payments and deductibles but not insurance premiums) must not exceed $6,550. For family coverage, the HDHP must have an annual deductible of at least $2,600 and annual out-of-pocket expenses (including co-payments and deductibles but not insurance premiums) must not exceed $13,100. These are the 2016 limits set by the IRS. These limits may change from year to year.

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