![]() However, your spouse will not be eligible to contribute to an HSA. You are entitled to Medicare coverage (i.e., you are age 65 or older), and have enrolled in Medicare.Ĭaution: To qualify as an HDHP, a plan offering family coverage must specify that no payment can be made from the plan for any individual (except for exempt preventative care benefits to which a deductible does not need to apply) until the family deductible is satisfied.Ĭaution: If your spouse has non-HDHP family coverage, but that plan does not cover you, you may still contribute to an HSA if you are otherwise eligible to do so.You can be claimed as a dependent on another person's income tax return.(Some health plans are exempted from this provision, including dental or vision care insurance, long-term care insurance, disability insurance, and accident insurance.) You are already covered under a non-HDHP, including a comprehensive major medical plan, a plan sponsored by your employer or your spouse's employer, or a prescription drug plan or rider with a low deductible or no deductible.You will not be eligible to open an HSA, even if you are covered under an HDHP, if any of the following apply: In 2022, a qualifying HDHP (1) has an annual deductible of at least $1,400 for individual coverage or $2,800 for family coverage, and (2) limits annual out-of-pocket expenses (e.g., co-pays, deductibles) to $7,050 for individual coverage or $14,100 for family coverage. Generally, if you are covered under an HDHP, you are eligible to establish an HSA. But whereas Archer MSAs can be established only by employees of small businesses and self-employed individuals, HSAs can be established by any qualified individual covered by an HDHP.Ĭaution: The Archer MSA program expired on December 31, 2007. Like Archer MSAs, HSAs allow individuals who have high-deductible health plans (HDHPs) to save money for health-care expenses tax free. HSAs, created as part of the Medicare Prescription Drug and Modernization Act of 2003, expand upon the benefits offered by Archer medical savings accounts (Archer MSAs). ![]() Everything You Need to Know About Your Credit ReportĪ health savings account (HSA) is a savings vehicle established to set aside funds tax free to pay for health care expenses.Debt Consolidation: One loan to rule them all.Asset Allocation: Help reduce your risk.The Joys and Financial Challenges of Parenthood.Planning for the Financial Impact of Children.Teaching Your College Age Child About Money.Teach Your Kids the Golden Rule of Personal Finance.Economic Reality: Americans overspend and under save.Have You Made Any of These Financial Mistakes?.Get Out of Debt and Save for the Future.
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