Choosing an HSA-Eligible Insurance Policy

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Does My Health Insurance Policy Make Me Eligible for a Health Savings Account?

What you should know about choosing the right policy.

I want to make tax-deductible contributions to a health savings account. When I’m choosing a health insurance policy for 2016, how do I know it is an HSA-eligible policy? --G.S., Portland

See Also: What You Should Know About Contributing to a Health Savings Account

The policy must have a deductible of at least $1,300 for individual coverage or $2,600 for family coverage. The deductible is the first clue, but that isn’t the only requirement. The policy must make all covered services (except preventive care) subject to the same deductible; policies with lower deductibles for drugs don’t qualify. It must also meet specific requirements for calculating out-of-pocket spending limits. Ask the insurer if a policy is HSA-eligible before you make your choice.

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