#029 - How To Structure Your Health Savings Account gives you a list of ten (10) easy steps to ensure that you are 100% covered by your High Deductible Health Plan and Health Savings Account from the Get-Go!Enroll in a qualified High Deductible Health Plan (aka HDHP)Open a Health Saving Account (aka HSA) - click here to see the HSA I useIdentify your Enrollment and Effective Date for your plan yearReview ALL of your plan optionsCheck your existing savingsCalculate Out Of Pocket MaximumDetermine Your HSA Contribution Limit (Single, Family, 55+)Make certain your Out Of Pocket Maximum IS NOT higher than your HSA balanceUse payroll deduction for your remaining HSA contributions Plan & Prepare to have enough additional ordinary non-HSA savings to make the necessary lump-sum contribution on January 1st of the following year to top-off your HSA to match your annual deductibleAn Embedded Deductible is an important plan feature for non-single policyholders (i.e. married couples, single-parent heads of household and families.  An embedded deductible limits the deductible for anyone covered person to the individual deductible.  If the deductible for a plan is $5,000 for an individual and $10,000 for a married couple, head of household or family, anyone covered person need only meet the individual deductible of $5,000 rather than the $10,000.  Should another family member have a claim in the same year, the next person in the family must also meet another $5,000 deductible.I receive nominal compensation from Lively HSA at absolutely no cost to you.  Learn more about Lively hereOver 55 years old?  You can (and should) add an additional $1,000 every year to your HSA which is allowed by the IRS in order to allow you to catch-up as you have fewer years to contribute before reaching Medicare-eligible age.Over 55 years old AND married??   See above AND open a SEPARATE HSA account for your spouse.  Your spouse is eligible to add and additional $1,000 every year to your spouse's HSA.  The IRS does not allow you to add $2,000 to one account.  Consider opening your spouse's account where I have mine, with Lively HSA.Thanks, as always, for your support!  I appreciate you very much.  Tell your family, friends, co-workers and your boss about Doxcost.  Listen on Apple Podcasts or where ever you get your shows.

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