Are you eligible for a Health Savings Account?
Health Savings Accounts (HSAs) are for qualified insurance plans only. See if your plan meets the qualifications.
To qualify for an HSA, your plan must:
- Have a minimum deductible of at least $1,200 for self-only coverage or $2,400 for family coverage.
- Not exceed $5,950 for self-only coverage or $11,900 for family coverage of annual out-of-pocket costs, including deductibles and copays.
- Have no deductible for certain types of services or treatments, such as preventive care and other permitted dental and vision expenses, and higher out-of-pocket limits for non-network services.
These qualifications are provided here for your convenience, for more details and the most up-to-date information visit the U.S. Internal Revenue Service.
An important note
Gateway’s HSAs are intended to help you set aside pre-tax money for qualified health expenses. However, you are responsible for making sure that you satisfy the HSA eligibility requirements outlined in the Internal Revenue Code’s Section 223. If you set up an HSA and you aren’t really eligible, you will encounter negative tax consequences. Just to be safe, we recommend that you contact your accountant or lawyer before establishing an HSA.