Checklist for Small Business Owners

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.

• Determine whether or not you currently offer a HSA-Eligible plan: If you believe your current policy meets the HSA requirements, you should ask your insurance carrier to tell you in writing whether your policy is HSA-eligible.
  
  - Check the Deductibles: Your policy should have a deductible that meets the
     minimum 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, which 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 or indemnity policy, Flexible Spending Arrangement or Health Reimbursement Arrangement, Medicare, Medicaid, Tricare or Veterans Affairs Benefits (within last three months).
• Check with Trade Associations, and Other Business Groups: You may be able to join a “pool” of businesses in a group plan. Check with related trade associations, local business groups, state and local governments. Often these groups, because they are larger, get better rates