High Deductible Health Insurance Education
Qualified high deductible health insurance must meet certain federally mandated minimums for you to open up a health savings account, although plans will vary depending on the provider. Because of the wide variety of insurance product available on the market this page can only provide general guidelines of what to expect and what to look for when shopping for a High Deductible Health Place.
- What is HSA Qualified High Deductible Health Insurance
- Preventive care with High Deductible Health Insurance
- Are health insurance premiums an HSA qualified medical expenses?
- Does the HDHP policy have to be in my name to open an HSA?
What is High Deductible Health Insurance
A high deductible health insurance plan is a health plan that generally has lower yearly premiums, and a higher annual deductible. Below is a table of what the minimum yearly deductible and yearly maximum out of pocket costs can be according to IRS. Compare prices and features for an HDHP today.
| Year | Minimum deductible (single) | Minimum deductible (family) | Maximum out-of-pocket (single)(?) | Maximum out-of-pocket (family)(?) |
| 2010 | $1,200 | $2,400 | $5,950 | $11,900 |
What about preventive care
Many high deductible health insurance plans allow for annual physicals, immunizations and screening services which are considered preventive care. Routine prenatal and well-child care, tobacco cessation programs and obesity weight-loss programs are often considered to be preventative care as well.
Different plans consider different medical services to be preventive care, so when shopping for a high deductible health insurance plan make sure and see what kind of preventive care is offered. As of July 2007 over 80% of HSA plans provided first-dollar coverage for preventive care.
Are health insurance premiums qualified medical expenses?
Generally, health insurance premiums are not qualified HSA medical expenses except for the following:
- COBRA insurance
- Qualified long-term care insurance (subject to the dollar limits in IRS Publication 502)
- Health insurance premiums for individuals receiving unemployment compensation
- For individuals age 65 or older, Medicare and retiree health insurance premiums (except for Medicare Supplement policy premiums)
Does the High Deductible Health Insurance policy have to be in my name to open a HSA?
As long as you are named under the coverage of your spouses or parents HDHP policy, you can be eligible for an HSA