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High Deductible Health Plan for an MSA

HDHP Eligibility Requirements For 2003

  • Individual Coverage - An annual deductible of $1,700 to $2,500, with maximum out-of-pocket expenses up to $3,350.

  • Family Coverage - An annual deductible of $3,350 to $5,050, with maximum out-of-pocket expenses up to $6,150.

Deductible, Out-of-Pocket and MSA Contribution Limits For 2003

You may contribute up to 65% (75% for HDHPs providing Family Coverage) of your HDHP deductible, or 100% of your earned income, whichever is less. The maximum contribution is reduced by 1/12 for each full month your HDHP is not in force during the year.

  HDHP
Minimum Deductible
HDHP
Maximum Deductible
HDHP
Out-of-Pocket Limit
Percentage of Deductible that may be contributed to MSA Maximum Contribution based on Minimum Deductible Maximum Contribution based on Maximum Deductible
Individual Coverage $1,700 $2,500 $3,350 65% $1105.00 $1625.00
Family Coverage $3,350 $5,050 $6,150 75% $2512.50
$3788.00

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) provides for inflation-related adjustments to the minimum and maximum deductibles and out-of-pocket limitations. The increases are determined by the annual cost-of-living adjustments based on the consumer price index (CPI).

Contribution Timing
You can make contributions to your MSA from January 1st through the tax-filing deadline (excluding extensions) for the year, generally April 15.

Contribution sources
You and your employer may contribute to your MSA, however, both generally cannot contribute to the account in the same tax year.

Distribution guidelines
You may take distributions from an MSA at any time. Distributions made for qualified medical expenses are tax-free. Distributions made for non-qualified medical expenses prior to age 65 are subject to income taxation and a 15% penalty tax. Non-qualified distributions made after the account holder turns age 65, becomes disabled or dies are not subject to the additional 15% penalty tax, but are taxed as ordinary income.

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