ObamaCare Forums are non-partisan. Ask questions, find information, discuss & debate about the Affordable Care Act, and please remember to follow the forum rules. Please do not debate and provide opinions within discussions in the categories for facts. Thank you for helping to keep these forums informative and constructive.
Can't get answers about HSA
I can't seem to get any real answers about why none of the bronze plans are listed as "HSA". I only have 2 "HSA" plans to choose from. One is Silver and the other is gold. I thought the whole purpose of HSA was to use medical expenses as a tax deduction for people with high deductable insurance plans. It seems backwards that the VERY high deductable Bronze plan now does not qualify as HSA in 2016.
For 2015, I had a Bronze HSA policy. For 2016, the new plan is not listed as HSA. I can only find 2 plans listed as HSA but they are both Silver.
I called healthcare.gov and the insurance company. I can't get any straight answers from either of them. The insurance rep told me that the Bronze plan seems to meet the criteria for HSA but it was just decided to not include it on the HSA list. I didn't think that was the decision of the insurance provider. I thought as long as a plan met the criteria than the tax payer could set up their own HSA account and use the tax benefit.
I did some research at the IRS website. It seems that as long as a plan meets the criteria than the tax payer can set up an HSA on their own. Is this correct?
I also found that there is an upper limit for the deductable to qualify as an HSA qualified account. The deductible range is $1,300 - $6450 for a person and $2,600 - $12,900 for a family. So there is an upper limit to what qualifies as "high" deductable?????? The bronze plan I was on raised it's deductable for 2016 to $13,700. So I guess now that they change more, this dis-qualifies the plan as an HSA plan?????
However, there are some other plans that fall within the window and seems to meet every HSA requirement but are still not listed as "HSA". What gives? Is this an attempt into trying to make people go from a Bronze to a Gold or Silver plan?
Basically, what I can't seem to figure out is this. If a plan meets the IRS HSA requirements but not listed as "HSA", can I set up my own HSA savings account and use the tax break? For my 2015 policy, I just set up an HSA at my own bank. I wanted to just continue using that account and stay with a bronze plan.
As a side note this whole thing seems to be going from bad to worse. High Premiums (and rising)............. High deductibles and rising............ Now HSA is only available if you want a higher premium / lower deductible plan which is just backwards!