Qualified Plans - Florida Health Insurance
In order to be eligible for a Health Savings Account (HSA), you must first have a qualified high-deductible health plan (HDHP). There are several requirements that an HDHP must meet in order to qualify.
For individual coverage, the minimum annual deductible for a qualified HDHP is $1000. Individual annual out-of-pocket maximums also cannot exceed $5000. The out-of-pocket maximum is the most you will have to personally pay for health care services under the plan. For family plans, the minimum annual deductible for a qualified HDHP is $2000. Family annual out-of-pocket maximums also cannot exceed $10,000.
Qualified plans also do not have co-pays for doctor visits or prescription drugs. This is one of the primary differences, aside from the higher deductible, from qualified plans and more traditional health care plans. However, qualified HDHPs may be network plans, requiring you to go to health care providerıs within your insurance companyıs network to get the planıs best benefits.
While high deductibles are the hallmark of HDHPs, some qualified plans may still have first-dollar benefits or a lower deducible for preventive care. Remember, for family coverage, a plan wonıt qualify as an HDHP unless benefits arenıt paid until the aggregate family deductible is met. This means that no matter how much health care one family member requires, you wonıt start receiving benefits until the deductible amount for the entire family is satisfied.
Your insurance carrier or other insurance professional should be able to tell you if the plan you are considering is actually a qualified plan. Insurance companies are required by law to be truthful about which plans are qualified ı they can face severe penalties for setting up an HSA in connection with a plan that is not a qualified HDHP.