Let your employer moves the company to a high-deductible plan or if everything makes more financial sense to keep you the following tips:
- the contribution limit individual for HSA is $ 3,100 in 2012. for families, the limit is $ 6,250 in 2012.
- Try to avoid choosing a plan with a high deductible if you do not have enough funds in your HSA or savings to cover costs and would not be in the next two years. If you have a deductible of $ 10,000 and you reach after a serious injury, you would be expected to pay these expenses out-of-pocket and you almost undermine the point of having health insurance.
- Open an HSA with a bank or other third party service. If you change health insurance companies or plans, then you may lose the funds in your HSA or not be able to transfer these funds.
- Make sure your health insurance plan is compatible with an HSA. HSA are only compatible with high-deductible health plans. To be compatible, a health insurance plan must have a deductible of $ 1,0 at least for an individual and $ 2,400 for a family. Your plan is not compatible? Then compare the plans in the individual market health insurance and get a new plan that will work.
- HSA contributions are tax deductible. But if you use the money for expenses, medical or not, who are not approved then you will face a tax and penalty (except for those over 65).
- HSA funds can be used for health insurance costs. Whether you want to pay insurance premiums, out-of-pocket costs or obtain a health insurance plan with more coverage, HSA funds can be used.
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