Permissible Coverage Types
Florida Health Savings Accounts (HSAs) are generally considered, and are designed to be, a complete health care solution. In other words, you shouldnęt need other coverage beyond that provided by your high-deductible health plan (HDHP) and your Florida HSA. Even with this fact taken into account there a few types of coverage that can exist alongside your HSA-based plan.
For example, you may still be eligible to take advantage of an HSA if you already have dental care, vision care, or long-term care plans. While these plans certainly include services that may be considered qualified medical expenses under the IRS guidelines for HSAs, they represent care that is not the type primarily covered by consumer-driven high deductible plans.
Other permitted insurance is that which provides coverage of a fixed amount for a set period of hospitalization. Other allowed coverage is that which is related primarily to workersę compensation law mandated liabilities, tort liabilities, liability related to ownership of property, such as automobile insurance, insurance for a specific disease or illness, accidents, or disability.
Flexible benefit plans can also co-exist alongside an HSA. However, if you have both, you should refrain from paying for medical expenses from your flexible benefit plan. Instead, it might be a good idea to allocate benefits from your flexible benefits plan to pay for dental or vision costs. This frees up more of your HSA money to pay for other florida medical expenses, as well as for savings and investments, while allowing you to get the most out of both plans.
Even if you think your coverage fits into one of these narrow categories, you should still discuss the specifics of the type of coverage you already have with an insurance specialist before committing to the purchase of an HSA.