High Deductible Health Plans (HDHPs)

You must have coverage under an HSA-qualified “high deductible health plan” (HDHP) to open and contribute to an HSA. Generally, this is health insurance that does not cover first dollar medical expenses. Federal law requires that the health insurance annual deductible be at least:

  • $1,300* — Self-only coverage
  • $2,600* — Family coverage

In addition, annual out-of-pocket expenses under the plan (including deductibles, co-payments, and any other amounts, but not premiums) do not exceed:

  • $6,550* — Self-only coverage
  • $13,100* — Family coverage

In general, the deductible must apply to all medical expenses (including prescriptions) covered by the plan. However, plans can pay for “preventive care” services on a first-dollar basis (with or without a co-pay). "Preventive care" can include routine pre-natal and well-child care, child and adult immunizations, annual physicals, mammograms, pap smears, etc.

Maximum contribution limits to your HSA each year that you are eligible:

  • $3,350* — Self-only coverage
  • $6,750* — Family coverage

Individuals age 55 and older can also make additional “catch-up” contributions. The maximum annual catch up contribution is $1,000.

* 2017 amounts may adjust for inflation.

Consult your tax professional for more detailed information about HSAs.