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What are the IRS guidelines the health plan must meet for an HSA?

What are the IRS guidelines the health plan must meet?
An HSA can only be opened with a health plan that meets the following IRS rules:

2019 Requirements:

  Single Family

Minimum annual deductible

An individual (embedded deductible) on a family policy cannot be less than the minimum family deducible amount listed established by law

$1,350 $2,700

Out-of-pocket maximum

The maximum for the health plan cannot exceed these amounts

$6,750 $13,500

 

2020 Requirements:

  Single Family

Minimum annual deductible

An individual (embedded deductible) on a family policy cannot be less than the minimum family deducible amount listed established by law

$1,400 $2,800

Out-of-pocket maximum

The maximum for the health plan cannot exceed these amounts

$6,900 $13,800



All services must apply toward the deductible (including prescription drugs), with the exception of preventative care services.

Additional Requirements:

  • You cannot be claimed as a tax dependent by someone else
  • You cannot be enrolled in Medicare or Tricare.
  • You cannot be covered under a health plan (as an individual, spouse, or dependent) that is not an HDHP
  • If you are also covered by a medical flexible spending account (FSA), it must be a limited FSA, covering only vision and dental expenses.
    This applies even if the FSA is in your spouse's name.
  • If you are also covered by a health reimbursement arrangement (HRA), it must be a limited HRA, covering only vision and dental expenses.
    This applies even if the HRA is in your spouse's name.

If you are not sure if your plan is HSA compatible, please contact your insurance company.