What is a High Deductible Health Plan (HDHP)?

A High Deductible Health Plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. For HDHP minimum and maximum deductible requirements for self coverage and family coverage, please speak to your Healthcare provider or visit the HSA section at http://www.treas.gov for more information.

Tax-advantaged contributions can be made in three ways:

Individuals and employers can make tax-deductible contributions to their NYCB PHSA even if the individual does not itemize deductions. Contributions to the account must stop once you are enrolled in Medicare. However, you can keep the money in your account and use it to pay for medical expenses tax-free. Speak with your employer to find out about the tax advantages that may apply to employer or employee contributions to a NYCB PHSA. For more information about the tax advantages associated with a NYCB PHSA, please contact your tax advisor.

PerfectHealth Savings Account Contributions
You can make a contribution to your NYCB PHSA each year that you are eligible. Individuals age 55 and older can also make additional "catch-up" contributions. For the current contribtion / "catch-up" contribution limits, please speak with your Healthcare provider or visit www.treas.gov/offices/public-affairs/hsa/pdf/HSA-Tri-fold-english-07.pdf.