- 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:
Minimum annual deductible
An individual (embedded deductible) on a family policy cannot be less than the minimum family deducible amount listed established by law
The maximum for the health plan cannot exceed these amounts
- 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.