A qualified HDHP is a health plan that meets the requirements
below for annual deductibles and out-of-pocket expenses. In addition,
prescription drugs must be included in the minimum deductible.
Coverage
Annual Deductible 2010/2011
Annual Out-of-Pocket Expenses 2010/2011
Individual
$1,200 minimum*
Not more than $5,950*
Family
$2,400 minimum*
Not more than $11,900*
* These amounts are effective for the 2010/2011 tax year.
Amounts are indexed annually.
* Some qualified plans may have a first-dollar benefit or low-deductible benefit for preventive
care only.
* In the case of family coverage, a plan is only an HDHP if under the terms of the plan no amounts
are payable until the aggregate family deductible is met.
Not all HDHP are HSA qualified. If you have questions regarding a
specific plan's qualification as an HDHP, ask your medical insurance carrier
or medical insurance agent to verify the plan is a qualified HDHP. Penalties
exist for individuals who open Health Savings Accounts without the appropriate insurance.
If your employer currently offers a High Deductible Health Plan, then you
may verify the plan qualifications with your employer.
