Contributions to an MSA are subject to an annual limitation (an aggregate of monthly limitations) which is a percentage of the deductible of the required high deductible health plan
. For an individual, it is 65% of that deductible and 75% for family coverage.
Given the importance of health care and insurance as a campaign issue, Celent notes that high deductible health plans
and HSAs could be affected by the myriad of state and federal proposals being floated.
Because funds paid into a Health Savings Account are immediately vested, an employee can continue to use the resources if s/he changes employment or is no longer covered by a High Deductible Health Plan
. If not used, the funds grow tax-free until death or when the employee is eligible for Medicare.
High deductible health plans
with low employee premium burdens
Colorado's health insurance community is still getting familiar with the newest wrinkle, the group high deductible health plan
(HDHP) that's qualified to be coupled with a Health Savings Account.
To be eligible for an HSA, an employee must be covered by a "high deductible health plan
(HDHP)," defined as a health insurance plan with a minimum deductible of $1,000 for individual coverage or $2,000 for family coverage and annual out-of-pocket expenses (including deductibles and co-pays) not exceeding $5,000 for individual coverage or $10,000 for family coverage.
In order to qualify to open a Health Savings Account, you have to be covered by a high deductible health plan
. It must be your only health plan.
An eligible individual for HSA purposes is someone who, with respect to any month, (1) is covered under a high deductible health plan
as of the first day of the month, and (2) while covered by a high deductible plan, is not covered under any non-high-deductible health plan that provides coverage for any benefit covered under the high deductible health plan
A child of the consumer directed health care movement, the high deductible health plan
was created to give members more financial responsibility for their health care.
The first test cage for the personal health records initiative uses open standards in a system for providers to determine how much a high deductible health plan
patient owes for services.
An individual is eligible to make HSA contributions only if he or she is covered by an insured or self-insured "high deductible health plan