What Are the Qualifying Criteria to Have an HSA?

This is a well-known fact that having a health insurance can make you a bit tension-free during illness. Health savings account is something that can make you more stress-free when it comes to paying the medical bills. Actually, an HSA is the best way that helps individuals to cut the cost while they face high deductibles. If you want to avoid this, you can go for HSA-qualified insurance policy. But to acquire that, you need to meet certain qualifying criteria. There are certain things that you need to meet while planning for enrolling yourself into an HSA-qualified insurance policy. There are websites, like livelyme.com where you can get more information on this.

Effective Criteria for Qualifying for HSA

So, if you want a Health Saving Account, you need to have the following qualification-

  • You must come under the coverage of a high deductible health plan (HDHP).
  • Your health insurance plan must have an annual deductible amount that should not be less than $1350 for individual coverage and not less than $2700 for family coverage.
  • If it is for someone else in your family, you should make sure that you have to be claimed as the tax dependant on their taxreturn
  • You also need to make sure whether you are covered by a cancer plan, supplemental, discount price program, discount card, wellness or disease management program, employee assistance program (EAP) and insurance for any particular diseases.
  • You must ensure whether you are covered by any other insurance plan other than HDHP. Also, you should know if you have any other healthcare benefit account.

So, hopefully, now you understand the criteria of having an HSA. If you are planning to have one or your company is providing one to you that will be a really great plan. Before going for it, you can check out the services at the websites of the providers, like livelyme.