HSA Eligiblity

Am I eligible to open up a Health Savings Account (HSA)?

In order to open up an HSA Savings Account, you MUST own an eligible health insurance plan fist called a High Deductible Health Plan (HDHP).  It is a plan that does not allow doctor visit or prescription copays on the plan, and it must have out of pocket minimums and maximums  that fall within the range listed below in the US Treasury regulation. Deductible amounts do change each year according to inflation adjustments. The health plan is allowed to offer preventative care up front with no deductible.

US Treasury Text: High deductible health plan. For calendar year 2012, a “high deductible health plan” is defined under § 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,200 (no change from calendar year 2011) for self-only coverage or $2,400 (no change from calendar year 2011) for family coverage, and the annual out-of pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,050 for self-only coverage or $12,100 for family coverage.