Some plans with high deductibles are HSA-eligible, which means a tax-preferred HSA account can be maintained with them and contributions to it can be made. For 2024, a plan qualifies as a High Deductible Health Plan (HDHP) if it has a minimum deductible of $1,600 for individual coverage or $3,200 for family coverage.
However, not all plans with deductibles above this threshold are considered HSA-eligible for tax purposes. A specific indication is included in the plan description, and it’s important to look for this flag.
Rules around how much can be contributed toward an HSA can be found in the IRS publication around HSAs, which is updated yearly.