Generally, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP). If you no longer have an HDHP but still have HSA funds, you can still use those dollars at any time to pay for qualified medical expenses so long as you are not contributing.
2024 Minimum HDHP Deductible
For 2024, the minimum annual deductible for a HDHP is:
- $1,600 for self-only coverage
- $3,200 for family coverage
2023 Minimum HDHP Deductible
For 2023, the minimum annual deductible for a HDHP is:
- $1,500 for self-only coverage
- $3,000 for family coverage
To be eligible for an HSA, you must also meet the following criteria:
- You are not covered by another health plan
- You are not eligible to be claimed as a dependent on another person’s tax return
- You are not entitled to Medicare benefits
Questions? We are happy to help! Please reach out to Benepass Support for any assistance.