Hello /r/personalfinance,
I'm trying to figure out if I can sign up for an HSA in 2019. I recently started a new job and while they do offer a variety of healthcare plans, they offer no employer contribution towards premiums, so they're quite expensive. I'd like to keep contributing to an HSA for its tax advantages, but as a healthy young adult with savings to weather an emergency, I don't see the point in paying for the privilege to do so.
I was looking into their minimum value plan, which provides the following coverage:
- Annual Deductible: $4,000 Individual
- Out-of-Pocket Maximum: $6,750 Individual
- Primary Office Visit: 60% covered after deductible
As far as I can tell from IRS publication 969, page 3 states (please note this is for 2018):
To be an eligible individual and qualify for an HSA, you must meet the following requirements.
You are covered under a high deductible health plan (HDHP), described later, on the first day of the month.
You have no other health coverage except what is permitted under Other health coverage, later.
You aren’t enrolled in Medicare.
You can’t be claimed as a dependent on someone else's 2017 tax return.
The bold text is covered later on page 3, which states:
The following table shows the minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHPs for 2018.
Minimum annual deductible: $1,350
Maximum annual deductible and other out-of-pocket expenses: $6,650
Fidelity's HSA page (click the "HSA-eligible health plan" link) shows the 2019 limits are $1350 and $6750, respectively.
I can't find an explicit answer anywhere, but I can't find anything that would disqualify me from contributing to an HSA if I was on the Minimum Value plan. The plan in question is by Cigna, if it makes a difference. Any advice would be appreciated!
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