Client asking about HSA (don’t know what to offer)

[InsurancePimp_]

Client has a STM and wants to find a plan that will offer an HSA.

now I know you need an aca plan for that, but what I read on it was that you need a high deductible plan to qualify?
Is that right?

also if client wants a plan is it only through the market place and in the area? These people are self employed

 

[Yagents]

Client has a STM and wants to find a plan that will offer an HSA.

now I know you need an aca plan for that, but what I read on it was that you need a high deductible plan to qualify?
Is that right?

also if client wants a plan is it only through the market place and in the area? These people are self employed

STM's are NOT eligible for HSA contributions for many reasons. Don't have time to go through them.

Only HSA option is an ACA plan, On or OFF marketplace, but the market is closed to them unless they have an special enrollment, or Biden comes to the rescue and opens up the marketplace

 

[InsurancePimp_]

STM's are NOT eligible for HSA contributions for many reasons. Don't have time to go through them.

Only HSA option is an ACA plan, On or OFF marketplace, but the market is closed to them unless they have an special enrollment, or Biden comes to the rescue and opens up the marketplace

we know it’s only ACA plans, however on healthcare.gov

While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including a Marketplace plan) that only covers preventive services before the deductible.

So only the crappy plans

 

[LostDollar]

we know it’s only ACA plans, however on healthcare.gov

Caveat, not an agent.

In my state this past year, some carriers offered the same plan on exchange and off exchange. If the plan is an HSA eligible HDHP on exchange, I think it should also be one off exchange. You could inquire of the carrier to be sure.

So only the crappy plans

Not exactly sure what you mean with that crack.

 

[InsurancePimp_]

Not exactly sure what you mean with that crack.

The supposed requirements are that an HSA eligible plan are typically plans that only cover wellness visits, and for everything else it requires to be met with a deducible. which makes sense, since why would you get an HSA if your plan has Co-pays.

so in essence , the plan that they would get would have to have a deductible first before anything has any coverage. Imagine having a 8k deductible every year.

 

[vic120]

we know it’s only ACA plans, however on healthcare.gov





So only the crappy plans

My plan is HSA high deductable yes its crappy as I have over 1100 premium and high deductible

But adding the numbers up it is still the best option available for a family that will go throughout of pocket it is still less than every other plan on healthcare.gov as every other plan p[remium plus out of pocket will be more

If I am correct off-exchange wont cover pre-ex, I do medicare so I am not as up with U65 stuff but I am pretty sure of exchange will not cover pre ex

 

[LostDollar]

The supposed requirements are that an HSA eligible plan are typically plans that only cover wellness visits, and for everything else it requires to be met with a deducible. which makes sense, since why would you get an HSA if your plan has Co-pays.

so in essence , the plan that they would get would have to have a deductible first before anything has any coverage. Imagine having a 8k deductible every year.

Don't have to imagine. 2021 will be third year my wife has had an on exchange HDHP and an HSA (although I can't remember the specific deductible for her plan). So far it has worked well for us. Our family health event environment is a bit different than the one vic mentioned.

 

[LostDollar]

If I am correct off-exchange wont cover pre-ex, I do medicare so I am not as up with U65 stuff but I am pretty sure of exchange will not cover pre ex

Vic, interesting comment. My wife switched to a KS Bx HDHP ACA plan this year. I had her stay on ACA on the remote chance if our income fluctuates enough there might be a premium credit on the tax return we file in 2022 (for 2021). I have always thought the Bx plans were exactly the same on and off exchange, but I don't know that for a fact. If I have a chance sometime I might inquire.

 

[Yagents]

STM's are NOT eligible for HSA contributions for many reasons. Don't have time to go through them.

Only HSA option is an ACA plan, On or OFF marketplace, but the market is closed to them unless they have an special enrollment, or Biden comes to the rescue and opens up the marketplace

I answered the question without a diatribe from a consumer

 

[Yagents]

HSA's only come in an ACA flavor (or group plan)

ACA plans can be bought ON or OFF the marketplace.

ON = tax credit eligible
OFF = direct from carrier

All ACA plans cover pre existing

Therefore, HSA = ACA (on or off mkt)