For a health plan to be HSA-qualified, it must meet the following criteria for 2018: The minimum deductible must be no less than $1,350 for individual plans and $2,700 for families. No other health insurance besides an HDHP is allowed to qualify for an HSA, including Medicare.

Does Oregon allow HSA deductions?

Yes, you may use your HSA funds without penalty to pay for qualified medical expenses for yourself, your spouse, or dependent even if they are covered under another health plan. Consult a qualified tax adviser for advice.

Which states do not recognize HSA?

HSA contributions are taxed by California and New Jersey. 2. These states don’t have state income taxes so the state tax benefit is not applicable: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

What are the rules for HSA accounts?

You can only open and contribute to a HSA if you have a qualifying high-deductible health plan. For 2020, the maximum contribution amounts are $3,550 for individuals and $7,100 for family coverage. If you are 55 or older, you can add up to $1,000 more as a catch-up contribution.

Is OHP a HDHP?

If you have questions about your HSA, you may call GDC (OHP Plan Administrators) at 203-367-4070 or your benefits office. The HSA is the account in which you save money for eligible health care expenses, and the HDHP is the health insurance plan.

Do you need health insurance to live in Oregon?

If you live in Oregon and you are not offered coverage from an employer, it is important to consider your health coverage options. Below are summaries of each health plan option; more information is available through the links below. Not sure what coverage you qualify for? Preview plans and savings through the window shopping tool.

Where do I Find my HSA eligible plan?

When you compare plans on HealthCare.gov, HSA-eligible HDHPs are identified on plan cards by an “HSA-eligible” flag in the upper left-hand corner. You can also filter to see only HSA-eligible plans by using the “Filter” option in the right-hand corner, and selecting the “Health Savings Account (HSA) Eligible Plans” filter.

How to set up a health savings account?

1 Research HSA providers online. Use HSA comparison websites, like HSA Search, to help narrow your search. 2 Check with your health insurance company to see if they partner with HSA financial institutions. 3 Ask your bank if they offer an HSA option that meets your needs.

What should I do with my HSA money?

Bookmark this page so you can always spend your HSA funds in the smartest way possible. Please note that this site is an educational reference only—not all health savings accounts are the same, and you should always check with your HSA administrator or health insurance provider to confirm if something is eligible before making a purchase.