The HSA eligibility requirements are:
- You must be enrolled in a high
deductible health plan (HDHP).
- You can’t be enrolled in Medicare or
another secondary health insurance policy.
- You can’t be claimed as a dependent on
somebody else's return.
What is HDHP?
- A high deductible health plan (HDHP) is
health insurance with a lower premium and higher deductible than a
traditional health plan.
- Having an HDHP is one of the requirements
for a health savings account (HSA).
- If your current health insurance plan for
2016 has a minimum deductible of $1,300 (or $2,600 for family coverage)
with a maximum deductible of $6,550 ($13,100 per family), then it
qualifies as an HDHP.
For 2016, the maximum
contribution to an HSA is $3,350 for an individual plan or $6,750 for a
family plan. This is the combined contribution from
both you and your employer.
If you're 55 or older, you're
allowed to contribute up to $1,000 more for a maximum of $4,350 (individual) or
$7,750 (family).
In most cases, your HSA contribution has already been
reported in Box 12 of your W-2 with code W: Employer Contributions to
Health Savings Account.
Despite the misleading name, code W reports both your
and your employer's contribution. (If you think the name is confusing, think of
it as just "Contributions to Health Savings Account".)
If you put $1,500 in your HSA during 2016, and your employer
matched your contribution, your W-2's Box 12 should have the amount of $3,000
with a code W.
Now, if you made HSA contributions not reported on
your W-2 (this is uncommon), we'll ask about that when you step
through the Medical section. Look for the questions Were
HSA contributions made in 2016? or Do you need to make any
adjustments to your HSA contribution amount? Answer Yes and
we'll open a screen where you can enter that information.
