HSA Coverage Advisor-HSA Guidance, No Signup

Example

Determining if a user's health plan qualifies as a High Deductible Health Plan (HDHP), which is necessary for HSA eligibility.

Scenario

A user logs in and inputs their health plan details. HSA Coverage Advisor analyzes these details and informs them whether their plan meets the IRS criteria for an HDHP, enabling them to make an informed decision about starting an HSA.

Example

Providing users with the maximum allowable HSA contributions based on their age and coverage type.

Scenario

For instance, if a user is 55 years old with family coverage under an HDHP, HSA Coverage Advisor calculates the standard contribution limit plus any catch-up contributions allowed, offering a clear path to maximizing their tax-deductible savings.

Example

Helping users understand which medical expenses can be paid from an HSA without tax penalties.

Scenario

A user considering using HSA funds for a new pair of prescription eyeglasses can consult the HSA Coverage Advisor to confirm if this expense is qualified under IRS guidelines, thus ensuring compliance and avoiding unnecessary taxes.

Example

Advising on how to use HSA contributions to reduce taxable income.

Scenario

A user contributes to their HSA, and HSA Coverage Advisor illustrates how these contributions reduce their taxable income, potentially moving them into a lower tax bracket, thereby optimizing their financial strategy.