To qualify for a high deductible health plan (HDHP) and use a health savings account (HSA), the deductible does not have to be as high as some may think. Even maximum out-of-pocket costs can be managed by most people with a little advance planning using a HSA.
The time to think and plan is before your next open enrollment.
Following are the rules for 2020 as released by the IRS
HSA/HDHP info for Calendar Year 2020
Health Savings Account
Annual contribution limitation. For calendar year 2020, the annual limitation on deductions under § 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,550. For calendar year 2020, the annual limitation on deductions under § 223(b)(2)(B) for an individual with family coverage under a high deductible health plan is $7,100.
High deductible health plan.
For calendar year 2020, a “high deductible health plan” is defined under § 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,900 for self-only coverage or $13,800 for family coverage.
QUINNSCOMMENTARY 