QHDHP 101
QHDHP is an IRS-qualified high deductible health plan, suitable for pairing with a tax-free health savings account (HSA).
Most employees enrolled in a QHDHP are eligible to open a HSA, a type of savings account to pay qualified medical expenses. This HSA can be funded by a combination of employer and/or employee contributions – both contribution types are tax deductible.
HSA information to manage your plan
Keep your health care dollars under your control and in your pocket.
HSA advantages:
- Pre-tax contributions: lowering your taxable income.
- Tax-free growth: earn interest and build savings on a tax-free basis.1
- Portability: the money stays with you if you change employers.
- Roll over: Unused funds carry over into the next year.
- Retirement savings vehicle: funds can be withdrawn for any purpose without penalty after reaching age 65 (taxes may apply).
Benefit information
1Tax advantages vary by state, check with your tax advisor regarding your specific circumstances.
