What Is HSA-Qualified Health Insurance?
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What Is HSA-Qualified Health Insurance?
The term "HSA-qualified" insurance refers to health insurance policies that meet certain requirements relating to deductibles, out-of-pocket expenses, covered benefits, and preventive care. Plans that meet these requirements are also called "high deductible health plans" or "HDHPs." However, not all policies with high deductibles make individuals eligible to contribute to an HSA.
Things To Know
- Not all policies qualify. A policy must meet certain requirements.
HSA-qualified plans generally have lower premiums and higher deductibles but in most other ways resemble traditional health insurance plans. An HSA-qualified plan can be licensed as an HMO, a PPO, or other type of insurance plan.
Buyer’s Guide
Don’t let the type of plan (HMO, PPO, etc.) fool you. But any plan that is HSA-qualified should include a statement that it meets the qualifications for an HSA-qualified high deductible health plan.
Read on to learn more about the requirements for HSA-qualified plans.