#029 – How To Structure Your Health Savings Account gives you a list of ten (10) easy steps to ensure that you are 100% covered by your High Deductible Health Plan and Health Savings Account from the Get-Go!
An Embedded Deductible is an important plan feature for non-single policyholders (i.e. married couples, single-parent heads of household and families. An embedded deductible limits the deductible for anyone covered person to the individual deductible. If the deductible for a plan is $5,000 for an individual and $10,000 for a married couple, head of household or family, anyone covered person need only meet the individual deductible of $5,000 rather than the $10,000. Should another family member have a claim in the same year, the next person in the family must also meet another $5,000 deductible.
I receive nominal compensation from Lively HSA at absolutely no cost to you. Learn more about Lively here
Over 55 years old? You can (and should) add an additional $1,000 every year to your HSA which is allowed by the IRS in order to allow you to catch-up as you have fewer years to contribute before reaching Medicare-eligible age.
Over 55 years old AND married?? See above AND open a SEPARATE HSA account for your spouse. Your spouse is eligible to add and additional $1,000 every year to your spouse's HSA. The IRS does not allow you to add $2,000 to one account. Consider opening your spouse's account where I have mine, with Lively HSA.
Thanks, as always, for your support! I appreciate you very much. Tell your family, friends, co-workers and your boss about Doxcost. Listen on Apple Podcasts or where ever you get your shows.