Choosing an HSA-Eligible Insurance 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

What You Must Know About Contributing to a Health Savings Account in 2015

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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As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.