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August 5, 2015

Veterans Health Coverage and HSAs (article)

One of the requirements of health savings account (HSA) eligibility is that the individual be covered by a high deductible health plan (HDHP), and no other coverage.  Military coverage through TRICARE has historically failed to meet the definition of an HDHP; thus, if an individual is covered by such coverage, then the individual would be ineligible to contribute to an HSA. 

 

On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236; now Public Law 114-41).  This law provides that veterans receiving hospital care or medical services for a service-connected disability are not disqualified from participating in or contributing to an HSA.  This provision becomes effective January 1, 2016.

The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.

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