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A person is not eligible for an HSA if he or she is covered under a health plan that is not a high-deductible plan. A person remains eligible for an HSA if, in addition to the high-deductible health plan, the type of additional coverage is for:
- accidents
- disability
- dental care
- vision care
- long-term care
- insurance for a specified disease or illness
- insurance that pays a fixed amount per day (or other period) of hospitalization
- insurance under which the majority of coverage relates to liabilities from workers' compensation laws, torts, or ownership or use of property (such as auto insurance)
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What else can I help you with?
What happens to my Health Savings Account (HSA) if I switch from a High Deductible Health Plan (HDHP) to a Preferred Provider Organization (PPO) plan?
If you switch from a High Deductible Health Plan (HDHP) to a Preferred Provider Organization (PPO) plan, you can still keep your Health Savings Account (HSA). However, you can no longer contribute to the HSA while on the PPO plan. You can still use the funds in your HSA for eligible medical expenses.
Where can one find a high deductible health insurance plan?
There are a number of places where one could find a high deductible health insurance plan. Some businesses that offer high deductible health insurance plans include Aetna and United Healthcare.
Which plan requires a high deductible to be met before any payments are made by the health plan?
A high deductible health plan requires individuals to pay a certain amount out of pocket before the health plan starts making payments.
How does someone become eligible for an HSA in the United States?
In order to qualify for a HSA in the United States, a person interesting must be a part of a health plan with a high deductible, which is health insurance coverage that does not cover members until they meet their costly deductible.
Am I eligible for a Health Savings Account (HSA)?
To be eligible for a Health Savings Account (HSA), you must be enrolled in a high-deductible health plan (HDHP) and not be covered by other health insurance that is not an HDHP. You cannot be enrolled in Medicare or claimed as a dependent on someone else's tax return.
What are the eligibility requirements for health savings account eligible plans?
To be eligible for a Health Savings Account (HSA), you must have a high deductible health plan (HDHP) and cannot be covered by other health insurance that is not an HDHP. You must not be enrolled in Medicare and cannot be claimed as a dependent on someone else's tax return.
High deductible health plans?
A high-deductible health plan contains certain minimum dollar limits on the annual deductible and maximum limits on the out-of-pocket expenses listed under the plan. An individual health care plan would be considered high-deductible if it has an annual deductible of at least $1,200. A plan for family coverage is considered high-deductible if it has an annual deductible of $2,400. Out-of-pocket expenses for 2011 may not exceed $5,950 for individual coverage and $11,900 for family coverage. Out of pocket expenses include deductibles, co-payments, etc. www.bankofkc.com /personal/hsa-faq.aspx
Can you have a Flexible Spending Account (FSA) without having medical insurance?
No, you typically need to have a qualifying high-deductible health insurance plan to be eligible for a Flexible Spending Account (FSA).
What does hdhp mean?
It could stand for "Hippie Dan's Hewlett Packard. But, since this question is in the insurance section of Answers.com, you are probably looking for "high deductible health policy" A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Participating in a "qualified" HDHP is a requirement for health savings accounts and other tax-advantaged programs. High-deductible health plan - Wikipedia, the free encyclopedia (21 December 2009) http:/enzperiodzwikipediazperiodzorg/wiki/Highzhyphenzdeductible_health_plan http:/snipurlzperiodzcom/tsjnn
What is the most common deductible for a health plan inbusiness today?
I think $500 is pretty common. Some plans have no deductibles. High-deductible plans can run into the thousands.
What are the disadvantages of choosing a health plan with a high deductible?
There are many disadvantages of choosing a health plan with a high deductible. Although the premium is lower, the out-of-pocket expense for doctor's visits are more expensive. Therefore, people may choose to forgo important medical attention for minor issues, which can ultimately lead to a more dangerous ailment.
What does the acronym 'HDHP' stand for?
The acronym HDHP stands for High Deductible Health Plan. It is a plan that has lower premiums. In 2013, the maximum out of pocket expense for a family is $12,500.00.
