Many workers are looking for answers to questions about High Deductible Health Plans (or Consumer Driven Health Plans) and Health Savings Accounts. If you’re one of them, keep reading to find out how you can sign up for an HSA.
First things first, you need to know whether you are qualified to participate in a Health Savings Account. You are qualified to participate in a HSA if the following are true:
- You are covered by a single or family high-deductible health plan (HDHP), but not already covered by another health plan.
- You cannot be claimed as a dependent on another person’s tax return, excluding your spouse.
- You are not enrolled in Medicare.
If you are participating in your employer’s high deductible health plan then you should see your HR department, or increasingly likely, your company’s online benefits portal, about obtaining the necessary form. Once you fill out the form and return it to your HR team, you’ll be ready to start saving.
It is important to note that you are not required to obtain your Health Savings Account through your employer, and there are many alternatives that you can enroll in online. However, if you decide to use an HSA outside of your employer, you will need to file taxes to obtain the tax deductions, as opposed to having your HR department withhold the appropriate taxes as part of your payroll deposits. Alternatively, if you are self employed, you can make your selection of Health Savings Accounts from those available online.
Check back throughout this month to find answers to your other questions about the changing Health Care landscape.