Das Auto

Right, but aren't you only allowed to contribute to an HSA if your health insurance has a high deductible?

jtf560

There are 3 separate insurance choices. One with no deductible. One with a small deductible, but more choices for providers, and the HSA with a large deductible.

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Das Auto

Ok. Thanks.

hawkerpilot05

At NetJets, Option 2 allows you to see any doctor. It is good for out of network people. Has a $400 deductible and a 20% co-pay up to $1000 and then it is all covered.

Option 1 is a co-pay if in network. If you go out of network in option 1, it has a $5000 deductible and then pays 50% until you reach your max cap you pay of 15K. So it can get expensive fast if 1 or more doctors is out of network. Option 1 is very good if you stay in network. Just had 65K of surgery all in network and only cost me $150.00.

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Das Auto

I guess my point is you can't get into trouble with the IRS if you have, and contribute to your own personal HSA account with either health plan, because they all potentially have high deductibles.
Is that a fair statement?

Apologies for thread drift.

Das Auto

I found this on healthcare.gov.

"For 2020, the IRS defines a high deductible health plan as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family."

So I guess an HSA account is not allowed at NJ per the IRS.

jtf560

A separate, non NetJets HSA would not be allowed unless you declined all coverage from NetJets and had a different qualifying plan. The company sponsored HSA is allowed since that option has a deductible that meets the IRS requirements.

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wankel7

Option three has high enough deductables to qualify for a hsa.

Das Auto

Interesting. Thanks for the info.

jetlag7

The Option 3 deductible is $1,400 for individuals and $2,800 for families. (exactly satisfying IRS requirements for HSA's)

After the deductible is met, the plan pays 85% of medical expenses (you pay the other 15% -- presumably from your HSA account)

Once medical expenses reach the annual out of pocket maximum, the plan pays 100% of medical expenses. The current out of pocket maximum is $3,000 for individuals or $6,000 for families.

You can fund your HSA up to the annual IRS maximum of $3550 for individuals or $7100 for families. -- if you're 55 or older, you may make an additional "catch-up" contribution of $1,000.

There is a 4th health plan option I should mention..... It's the option to simply "Opt-out" of any company health plan altogether. NJ refers to this option as the "Waive Incentive." Simply put, they will pay you $2500 annually if you waive medical insurance.

Hope this helps!

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