There are 2 parts to an HSA Program:

1. A high deductible health plan (HDHP): This is your actual insurance policy. The federal government sets guidelines on the minimum deductible allowed in order to be “HSA-Qualified”. As of 2008, it is $1100 for a single person and $2200 for a family.There are other guidelines as well, such as in order to for a plan to be HSA-Qualified, all expenses (including office visits and prescriptions) must run through the deductible first. In other words, you must pay for all your claims until you have met your deductible, after which the insurance company then begins to pay. Most HSA plans will pay 100% of Claims after your deductible is met.

Our Instant Quote Page indicates plans that are HSA-Qualified by the following symbol: under “Plan Type”.


2. A “Health Savings Account” (Optional): This is a bank account you set up and contribute to so that your deductible claims are paid out of this account. The benefit of doing this is that you get a tax deduction on the money you put in to this account, even if you don’t use it. HSA’s are similar to IRA’s in this respect. You must have an HSA- Qualified High Deductible Health Plan in order to contribute to a Health Savings Account. You can contribute up to the amount of your plan’s deductible every year. The Federal government sets guidelines as to the maximum amount you can deduct each year from your HSA contribution. As of 2008, it is set at $2900 for single and $5800 for family. Many banks offer Health Savings Accounts, and fees vary from bank to bank. Most banks give you a checkbook and/or debit card to use along with your account.


You can get more detailed information about HSA's from the following 2 links:
1. US Treasury: US Treasury HSA Brochure
2. U.S. Office of Personnel Management (OPM): U.S. OPM Frequently Asked Questions

Listen to our founder talk more about HSA's

Feel Free to contact us if you have more questions or need further expertise.