Can I Have Two HDHP Plans and an HSA Account?
If you’re wondering if you can have two HDHP (high deductible health plan) accounts and contribute to an HSA account, you’re not alone. This is a common question, especially for those who are covered under their parent’s insurance plan and also have their own employer-sponsored health coverage.
The answer is yes, you can have two HDHP plans and still contribute to an HSA account. However, there are some important things to keep in mind.
First, you must be eligible to contribute to an HSA account. To be eligible, you must meet all of the following requirements:
You must be covered by an HDHP.
You cannot be enrolled in any other health insurance plan that provides coverage for medical expenses, including preventive care.
You cannot be claimed as a dependent on someone else’s tax return.
If you meet all of these requirements, you can contribute to an HSA account, even if you have two HDHP plans.
Second, you can only contribute the maximum amount allowed for your coverage level. The maximum HSA contribution limits for 2024 are:
Self-only coverage: $3,850
Family coverage: $7,750
If you have two HDHP plans, you can contribute the maximum amount allowed for family coverage, even if you are only covered under one plan.
Third, you should consider the overall costs of your health insurance plans. Having two HDHP plans can be more expensive than having one plan, especially if you have to pay deductibles for both plans. Be sure to compare the costs of your plans and choose the one that is right for you.
If you have any questions about HSAs or HDHPs, be sure to seek professional help from our licensed agents. They can help you understand your options and make the best decision for your situation.
Question? or Need a Free Quote?
Contact Us
Reach out to us for free expert insurance advice and solutions. We will help you solve ACA (Obamacare) related questions and problems. Will contact you within 24 hours of receiving your message.