Business Health Savings Accounts Eligibility

Are Your Employees HSA-Eligible?

To be eligible for a HSA, an individual must participate in a qualified HDHP (High Deductible Health Plan) offered by their employer. A HDHP is a health plan with the following qualifications.

Employees must be enrolled in an HDHP, which has a deductible of at least $1,350 in 2019 for an individual ($1,400 in 2020) or $2,700 for a family in 2019 ($2,800 in 2020).

Maximum out-of-pocket expenses:

• 2019: $6,750 for an individual or $13,500 for a family
• 2020: $6,900 for an individual or $13,800 for a family

Eligibility is determined on a month-to-month basis. To qualify, employees:

• Cannot have other health insurance, with the following exceptions: worker’s compensation, insurance for a specific disease, insurance that pays a fixed amount per day of hospitalization, dental, vision, long-term care, accident and disability insurance
• Cannot be enrolled in Medicare Part A or Part B
• Cannot be a dependent on another person’s tax return
• Cannot have received VA benefits in the past three months

View Sandy Spring Bank’s HSA rates.

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