The Two Pieces of a Properly Implemented High-Deductible Insurance Arrangement
Created
July 6 by:
HDHP Expert
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Step 1. Enrolling in a high deductible health insurance policy (HDHP)
Step 2. The establishment of a savings account designated for health savings (‘Health Savings Account‘), with a bank or credit union.
An HDHP must be established before you can be qualified for an HSA. Step 1 must occur before step 2: premiums are paid to an insurance company to carry the high deductible plan then the individual is qualified to establish a health savings account and fund it to their liking. For 2010, a single enrollee can contribute $3050 pre-tax to their HSA, $6150 for families.Click here for the 2011 numbers.
