Checklist for Individuals

An HSA plan is an inexpensive health insurance plan that doesn't pay for the first dollars of health care expenses (i.e. your 'deductible') but will generally cover you after that. Of course, your HSA is available to help you pay for the expenses your plan does not cover.

• Check whether Your Policy is HSA-Eligible: If you believe your current policy meets the HSA requirements you should ask your insurance carrier or employer to tell you in writing whether your policy is HSA-eligible.
  
  - Check the Deductibles: Your policy should have a deductible that meets the
    minimum and maximum HSA-eligible requirements.
  - Check the Limits on Out-of-Pocket Expenses: HSA-eligible policies must limit the
     annual out-of-pocket expenses paid by the individual or family.
  
  

• Check the Covered Benefits: HSA eligible policies are subject to the same insurance laws and regulation as other policies however, the amount of covered benefits affects your premium. Make sure you understand what expenses count towards satisfying your policy deductible and out-of-pocket limits.
• Check on Preventive Care: HSA-eligible plans may provide first dollar coverage for preventive care. Look for a policy that provides coverage of preventive care services that you will use. This will save you money in the long run and will help you maintain and improve your health.
• Check on Other Coverage: To be eligible for an HSA, you must not have any other first dollar coverage. The following types of coverage could disqualify you: Traditional HMO, PPO (generally) or indemnity policy, Flexible Spending Arrangement or Health Reimbursement Arrangement, Medicare, Medicaid, Tricare or Veterans Affairs Benefits (within last three months).