This is the first time I haven an HSA account. I want to make sure I do not make any mistakes. Can someone please advise?
No, you likely have nothing to worry about. If you received your Health Insurance through work or your Health Insurance company itself set up your HSA, they would not have done so if you didn't have a qualifying HDHP health insurance. Many insurance companies may not specifically list the insurance as an HDHP on the insurance card, either.
Having said that, it doesn't hurt to double-check. If it turns out you do not have an HDHP, you will want to contact your plan administrator immediately to have the amount withdrawn as an excessive contribution. Otherwise it will be taxed at a 6% penalty. In addition, any amount that your employer contributed would likewise become taxable income. But, as I mentioned, if this was set up through your employer last year, it is highly unlikely that you do not have qualifying insurance for an HSA.
No, you likely have nothing to worry about. If you received your Health Insurance through work or your Health Insurance company itself set up your HSA, they would not have done so if you didn't have a qualifying HDHP health insurance. Many insurance companies may not specifically list the insurance as an HDHP on the insurance card, either.
Having said that, it doesn't hurt to double-check. If it turns out you do not have an HDHP, you will want to contact your plan administrator immediately to have the amount withdrawn as an excessive contribution. Otherwise it will be taxed at a 6% penalty. In addition, any amount that your employer contributed would likewise become taxable income. But, as I mentioned, if this was set up through your employer last year, it is highly unlikely that you do not have qualifying insurance for an HSA.