Inquisitive J asked:
I currently have a high deductible insurance plan ($5000). Even though it is not designated as an HSA medical plan, can I still use it as one since it meets the IRS requirements of an HSA. I don’t want to switch plans if I don’t have to.
If your plan is an HSA-qualified High Deductible Health Plan (HDHP) you should be able to open an HSA (the saving account). As far as I remember no other specific designation on the health plan is needed. The custodian/trustee bank will have you fill paperwork for our eligibility to open an HSA account.
Contact your plan administrator to see if they work with or can recommend a trustee/custodian for the HSA. Go to the link on the source info below if you need to dig out more info. The link will go to hsainsider.com’s trustee/cusodian list. Go to the main page if you need to find other info.