Resources

Opening a Health Savings Account

What is a High Deductible Health Plan (HDHP)?

You must have coverage under an HSA-qualified “high deductible health plan” to open and contribute to an HSA. Generally, this is health insurance that does not cover first dollar medical expenses (i.e., your “deductible”) but will provide coverage after the deductible.

Federal law requires that the health insurance deductible be at least:

In addition, annual out-of-pocket expenses under the plan (including deductibles, co-pays, and co-insurance) cannot exceed:

In general, the deductible must apply to all medical expenses (including prescriptions) covered by the plan. However, plans can pay for “preventive care” services on a first-dollar basis (with or without a co-pay).

“Preventive care" can include routine pre-natal and well-child care, child and adult immunizations, annual physicals, mammograms, pap smears, etc.

You must have an HDHP if you want to open an HSA. If you are interested in a High Deductible Health Plan, please contact ISU Insurance Services.