#028 – What Is A High Deductible Health Plan And How Can It Help Me? explains what kind of health insurance plan you can have so you can open and fund a Health Savings Account. Scott explains the basics so that you can get 100% covered and spend the least amount of money possible.
High Deductible Health Plan Requirements
In order to open and fund a Health Savings Account, the Internal Revenue Service requires that a the insured be enrolled in an eligible High Deductible Health Plan. The requirements are straight-forward.
Learn more in IRS Publication 969 linked here
*To be an eligible High Deductible Health Plan, the plan must:
*Limits apply to 2021 tax year
HSA Rules for 2021
Disconnect between HDHP and HSAs – More Education Needed
The Journal of the American Medical Association commissioned a study on Health Savings Accounts that concluded few US adults enrolled in High Deductible Health Plans are using HSAs to save for health care. As a result, more education is needed to make HDHPs and HSAs more valuable and effective.
See the JAMA study here
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Next up, we'll talk about affordability – how to structure your HDHP/HSA to get started.
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