Do I need certain type of Insurance Plan?

Yes. The plan needs to be a qualified “high deductible health plan” (HDHP)

A qualified HDHP is a health plan that meets the following requirements:

Individual coverage

Annual deductible: $1,050 Minimum
Annual out-of-pocket expense limit : not more than $5,250.

Family coverage

Annual deductible: $2,100 Minimum
Annual out-of-pocket expense limit : not more than $10,500.

These plans do not have co-pays for doctor visits or prescription drugs
These plans can be “network” plans
Some qualified plans may have a first-dollar benefit or low-deductible benefit for preventive care only.
In the case of family coverage, a plan is only an HDHP if under the terms of the plan no amounts are payable until the aggregate family deductible is met

An insurance carrier or licensed insurance professional should verify that the plan in question is actually a qualified plan. Penalties exist for individuals that set-up the accounts without the appropriate insurance.

Click here to find out if a qualified plan is available in your area.

Do I need certain type of Insurance Plan?

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