Health Savings Accounts

First things first. In order to qualify to open a health savings account, you must first have only one health insurance plan. And, that plan must be a QHDHP (Qualified High Deductible Health Plan). You cannot open an account without it, and you cannot open an account if your health plan meets the deductible requirements, but is not a "qualified" plan. If your health plan is a plan with at least one other family, then you can qualify to deposit up to the family amount. However, if you and your spouse have separate QHDHPs, then you should have separate HSAs. Make sure you set the account up appropriately, but once set up, you can use your HSA funds for your spouse and children regardless of whether they are covered by your health plan or not. In other words, your spouse could have full coverage from their employer and you can use your HSA to pay their office copays. You can also pay for dental, eye glasses, and a whole laundry list of qualified expenses with your HSA account.

2016 HSA Contribution Limits

Family HSA - $6,750 (up from $6,250 in 2012)
Individual HSA - $3,350 (up from $3,100 in 2012)

If you are 55 or older, then you can deposit up to an additional $1,000 into your HSA as a "catch-up" provision. Learn a little more about the benefits of using a QHDHP and an HSA over a traditional health plan by viewing this HSA presentation.

2017 HSA Contribution Limits

Family HSA - $6,750
Individual HSA - $3,400

HSA Options

You have many banks to choose from when it comes to opening an HSA, but we find HSA Bank to provide the best overall options that suit most. If you keep a balance of at least $3,000, then there should be no monthly fee for the account. But, feel free to open your account anywhere, including your local bank.

It will cost you the same no matter where you buy your QHDHP, so when you make your decision, please support our site and make your purchase here. Thank you!