Reply #62: here are the 2008 HSA rules directly from Treasury

[DrDan]

"For 2008, in order to qualify to open an HSA, your HDHP minimum deductible must be at least $1,100 (self-only coverage) or $2,200 (family coverage). The annual out-of-pocket (including deductibles and co-pays) for 2008 cannot exceed $5,600 (self-only coverage) or $11,200 (family coverage). HDHPs can have first dollar coverage (no deductible) for preventive care and apply higher out-of-pocket limits (and copays & coinsurance) for non-network services."

http://www.ustreas.gov/offices/public-affairs/hsa/faq_basics.shtml

Those have changed for 2010 to $5,950.

Seems like your $5000 policy should be covered. Do you have co-pays that raise that to in-excess of $5950?

If so - this is a good deal. I have saved several thousand dollars for each year I have had one.