I called the marketplace to find out which plans are compatible with HSA’s for 2016. No one knew!!! They said I would just have to search the plans myself. What should I do?


Answer

For a health insurance plan to be considered HSA eligible it must have a high deductible (Self-only: $1,300 Family: $2,600 for 2017), a limited Out-of-Pocket Maximum ($7,150 for an individual and $14,300 for a family for 2017), AND it must not cover any additional benefits besides Preventative Care before the deductible is met.

Some Marketplaces can sort by HSA compatible High Deductible Health Plans, but all insurers selling on the Marketplaces are required to include whether a plan is HSA eligible in the plans' information. So you may have to click on each plans' actual summary/brochure to find out whether each is HSA eligible. If you are still not sure, call the insurer and ask them directly.

HSA deductible and out-of-pocket maximum limits are subject to change each year.

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Toni Zotter on

I was kicked off medicare in August, and I will be married in june and covered again. if I get an HSA only in the meantime, will I be exempt from no insurance fines?

erin.georgen@gmail.com Erin on

No, and HSA doesn’t exempt you from having to have health insurance coverage. You can purchase health insurance now, though, and you would not owe the fine for this year. Everyone gets a 3-month short-term coverage exemption each year. You also can be exempt from owing the fine or having insurance for a variety of other financial and hardship reasons. Those you have to apply for at healthcare.gov. The 3-month exemption is a given, and you report that when you do your taxes. An additional note, if you qualify for an exemption (or you are under 30), you can purchase catastrophic coverage only. The premiums are much lower. You’d get the prices negotiated by the insurer from the start, but you are responsible for the out-of-pocket costs before the deductible. It would kick in and cap your out-of-pocket costs in the worst case scenario. And you have to have a high-deductible health plan (like a catastrophic plan) in order to get any tax benefits of putting money into a Health Savings Account (HSA). This is by far the most cost-effective approach even if you don’t qualify for an exemption. Low Premiums and High Deductible plans with HSAs are almost always the least expensive when you look at the total annual costs of high premiums, deductibles, and copays. HSAs offer great tax benefits, accumulates, and has greater flexibility for use than insurers offer.

Edward on

i am individual single ,self employed ,healthy 29 years old want to open a HSA but i am confused.I went on health care gov and it shows i am eligible for the least amount HSA LINKED insurance.Downbelow are the details .What i am confused is HDHP Deductibles for an HSA are: $1,300 for self-only coverage for 2017
but the plan below is $6,200 deductible??? am i qualified Or do i need to find plan that is $1300.Is this $1300 is maximum??or i can go higher then $1300 like this plan which $6200 deductable and its ok…Please help me i am just so confused

Kaiser Permanente · KP GA Bronze 6200/40%/HSA .
Bronze HMO | Plan ID: 89942GA0050009
Estimated monthly premium $262.23
Deductible $6,200

Individual Total
Out-of-pocket maximum $6,550
Individual Total
Copayments / Coinsurance

Emergency room care: 40% Coinsurance after deductible
Generic drugs: 40% Coinsurance after deductible
Primary doctor: 40% Coinsurance after deductible
Specialist doctor: 40% Coinsurance after deductible

ObamaCareFacts.com on

You have the facts a little off. $1,3000 is the lowest a deductible can be to qualify for an HSA. The thing that I dislike immensely about the current system is that shoppers often have little-to-no choice. I have a bronze HSA-eligible with a big deductible like this because there is no better plan dollar for dollar. However, in an ideal situation, I’d go silver with a lower deductible. The people should have an HSA-eligible public option that comes in all tiers, including an option that offers something close to the $1,300. Perhaps there are other HSA eligible choices in your marketplace? You can sort by deductible.

Edward on

Thanks for your response.I did not find any other plan cheaper than this.so am i still eligible for this plan for HSA???Please let me know and also i will only have this plan for the January 2017 in Georgia and i am moving out of state to TN permanently on Febuary.Will this cause any issues???
Thanks

Kaiser Permanente · KP GA Bronze 6200/40%/HSA .
Bronze HMO | Plan ID: 89942GA0050009
Estimated monthly premium $262.23
Deductible $6,200

Individual Total
Out-of-pocket maximum $6,550
Individual Total
Copayments / Coinsurance

Emergency room care: 40% Coinsurance after deductible
Generic drugs: 40% Coinsurance after deductible
Primary doctor: 40% Coinsurance after deductible
Specialist doctor: 40% Coinsurance after deductible

ObamaCareFacts.com on

You’ll need to switch plans by contacting the marketplace when you move, but for the months you’ll be in Georgia this plan meets the criteria (and it says HSA which means it is HSA eligible, they will always tell you in the title, for example, 6200/40%/HSA means an HSA eligible plan with 40% cost sharing after $6,200 deductible) https://obamacarefacts.com/obamacare-and-hsas-for-2017/

Edward on

Thank you once again.I will lock up this HSA insurance in GA.I just checked in TN insurance HSA looking like it will cost like $575 mininmum i am just shocked how expensive in that state.My question if i get a HSA in GA and fund my Max contribution for the year 2017 on January and on February when i move to TN can i find a regular non HSA Less cost insurance ???? Can i do that or the only one way i can make full Max HSA contribution is i need to have the HSA account for a full year???
Thank you once again for your generous help

Mateo on

Hey,

So I am in NYC and I am looking through all of these plans and there are only a few random Bronze and Silver plans that say “HSA” in the title. But the premiums are very high compared to the “Catastrophic Care Plans.” If it doesn’t say “HSA eligible” does that really mean that or is it possible that the marketplace is labeling these things incorrectly? Because otherwise, I would need to get a Bronze or Silver plan with premiums over $400 a month which seems dumb..

Erin on

I updated the answer on this question to be more accurate and discussed your options and how to compare plans costs here.

joe on

how can i be sure that the treatment i am taking is HSA eligible? i went thru the list for eligible and non eligible expense and could not figure out if keloid treatment by applying injection is covered under HSA . can someone please guide me on this?

ObamaCareFacts.com on

You can check with the provider of your HSA. Most, but not all, health services are HSA eligible, and your HSA provider will have a list.

AI on

I had a plan in 2016 UnitedHealthcare Compass Balanced-EPO-HSA. I am getting conflicting answers. UHC says the plan is eligible for HSA, however it has following deductibles for in-network (out of network is not covered:
Deductibles:
Individual = $800
All = $1,600
Max out of pocket:
Indiv = $2,250
All = $4,500

I am confused – please help. I would like to know before tax deadline to contribute to HSA.

Thanks in advance

ObamaCareFacts.com on

Any plan that is HSA eligible lets you max out your HSA based on Age.

Check this out: https://obamacarefacts.com/health-insurance/health-savings-account-hsa/

Essentially if you are under 55 you can contribute $3,400 as an individual (in 2017) if you make the contribution early enough (otherwise it is a sort of prorated amount I think; I’d need to double check the instructions). https://www.irs.gov/pub/irs-pdf/i8889.pdf

Raquel on

My current health plan has a high deductible of $2000 per individual and $4,000 per family, a OOP of 6,500 per individual and 13,000 per family and does not cover any other additional benefits besides preventative care before deductible is met. However, today a broker told me the plan is not HSA-compatible. Why?
Is that because it has out-of-network benefits that have an OOP of $13,000/ind and 26,000/family?

ObamaCareFacts.com on

Assume you are talking about 2017 plans. That plan should qualify, it exceeds the minimum deductible and comes in under the OOP (see link below).

Out-of-network maximums shouldn’t be a factor as far as I read the rules. I will have to take another look. You should ask them to explain to you exactly why it doesn’t qualify.

https://obamacarefacts.com/obamacare-and-hsas-for-2017/