How your HSA works
Learn the rules and regulations behind the two parts of every HSA (the high deductible health plan and the HSA bank account).
High-deductible health plan
According to the IRS, high deductible health plans (or HDHPs):
- Must have a minimum deductible of $1,400 for individuals and $2,800 for families.
- Can use any plan design: HMO, POS, PPO or traditional indemnity plan
- Require a member to meet the deductible before the health plan benefits apply – all covered medical and prescription costs count toward the deductible
- Must cover preventive care services 100% before the deductible is met
- Can be fully funded or self-funded
- Must cover all qualified medical and prescription drug services in full for the rest of the year once the member meets the out-of-pocket maximum. Covered standard services such as physician services, hospital visits, preventive care and prescription drugs will count towards the out-of-pocket maximum
Know your limits
Learn what the government allows you to contribute to your HSA annually and what your maximum expenses will be.