What Happens if I Change my HDHP Coverage?
When you switch your high deductible health plan (HDHP) coverage from Self-Only to Family Coverage, or vice versa, it will change the maximum annual contributions allowed for your Health Savings Account (HSA). In such cases, it’s important to notify State Savings Bank to ensure accurate IRS reporting and to avoid exceeding your eligible contribution limits. Staying informed about these changes helps you manage your HSA effectively and ensures compliance with IRS regulations.
