Eligibility for HSA

To open an HSA, you must be enrolled in an HSA-compatible health plan and cannot be covered by a non-HSA compatible health plan. You also cannot be enrolled in Medicare, be a dependent on another person’s tax return, or have received VA medical benefits at any time over the past three months. If you have specific questions about your eligibility for an HSA, ask your benefits administrator or call Customer Service.

An HSA-compatible health plan is a health insurance plan with a minimum deductible of $1,200 for individuals or $2,400 for families. The annual out-of-pocket expenses, which include deductibles and co-pays, cannot exceed $6,050 for individuals or $12,100 for families.

Your health insurance company can provide information about whether or not your plan is HSA-compatible. It is your responsibility to make sure you are covered by an HSA-compatible health plan.

You will no longer be eligible to contribute to the HSA. However, you will still have access to the HSA, and can use the funds as you choose. Withdrawals for qualified medical expenses will still be tax-free. Additionally, you can roll over your Wells Fargo HSA funds into another HSA at anytime.

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Essential Benefits—Low Risk to HSAs

PPACA requires that a qualified health plan offer essential benefits. Although the law provides some ex-amples of these benefits, including ambulatory ser-vices, emergency services and hospitalization, future regulations will provide the details.The concern for HSAs with essential benefits is again definitional. HDHPs are also defined by stat-ute and will need to meet PPACA’s qualified health plan definition in order to survive. If the regulatory agencies include an essential benefit that is not com-patible with the definition of an HDHP, then new contributions to HSAs will not continue. HDHPs are allowed to include most types of coverage, so this change is not likely to directly threaten HDHPs and
The change will likely require individual HDHPs to expand coverage beyond current offerings. This expansion may cause premium increases and reduce the desirability of the HDHP and HSA option.

HDHPs and HSAs have fostered a consumer-driven health care alternative in America that is not reflected in PPACA. The act does make some rela-tively minor direct changes to HSAs, but the poten-tially significant changes will be indirect and uncer-tain. For supporters of consumer-directed health care and HSAs, the forthcoming regulations—as well as
market reaction—will be critical to the future of HSAs and whether the 30 million new Americans who are expected to buy insurance will buy HSA-
eligible plans or not.

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