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All News > HSAs

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Can You Save Too Much in a Health Savings Account?
Morningstar Link to more items from this source
Sept. 29, 2022

"[C]an you overdo your HSA contributions and put more in the account than you're likely to spend on healthcare costs? The short answer is that it's unlikely, largely because HSAs have generous features around withdrawals. In a worst-case scenario where your HSA account balance exceeds your expected healthcare costs, you have two key ways to get your money out sooner without negating the tax benefits of the HSA."

Tags: HSAs  •  Health Plan Information for Employees

Inflation Reduction Act Includes Key Health Provisions
Miller Johnson Link to more items from this source
[Guidance Overview]
Sept. 22, 2022

"[T]he IRA provides a safe harbor that allows high deductible health plans (HDHPs) to cover insulin before the participant meets the HDHP's deductible without adversely affecting the participant's health savings account (HSA) eligibility. In addition, the IRA ... establishes a system for Medicare to negotiate drug prices with manufacturers ... [which has] the potential to raise group health plans' costs in the future because employer group health plans are not eligible for the negotiated drug price rates or the rebates."

Tags: HSAs  •  Health Plan Design  •  Prescription Drug Costs

2022 Midyear Devenir HSA Research Report
Devenir Link to more items from this source
Sept. 20, 2022

"Hindered by market headwinds, health savings accounts grew to $98.8 billion in assets held in almost 34 million accounts, a year-over-year increase of 6% for assets and 9% for health savings accounts for the period ending June 30th, 2022.... Over 2.4 million health savings accounts have at least a portion of their HSA dollars invested, representing over 7% of all accounts."

Tags: HSAs

HSA Funding Strategies Companies Can Use to Help Boost Employee Saving
VOYA Financial Link to more items from this source
Sept. 7, 2022

"Two common funding methods are providing annual lump sum deposits or making deposits with each paycheck. Employers can also consider three other approaches that, depending on their situation, may make their HSA offering more attractive."

Tags: HSAs

How Voluntary Products Can Be an Ally in Building HSA Balances
VOYA Financial Link to more items from this source
Aug. 29, 2022

"As more companies offer voluntary products, employees are analyzing this coverage to see how it fits into their strategy to mitigate or transfer risk. These plans can deliver some important financial benefits to workers who enroll and incur a covered claim. For an employee who owns and funds a Health Savings Account (HSA) and incurs a covered claim, a payment from a voluntary plan may allow the account owner to retain a balance that continues to grow and can later be used to reimburse tax-free qualified expenses up and into retirement."

Tags: HSAs  •  Misc. Benefits

Inflation Reduction Act Expands Insulin Safe Harbor for HDHPs
Ogletree Deakins Link to more items from this source
[Guidance Overview]
Aug. 23, 2022

"Effective for plan years beginning on or after December 31, 2022, HDHPs will be permitted to cover insulin for a broader range of uses than before, prior to satisfaction of the deductible, without adversely affecting a participant's eligibility to contribute to a health savings account (HSA)."

Tags: HSAs  •  Health Plan Design

Inflation Reduction Act Includes Major Medicare Drug Price Reforms But Leaves Out Employer Plans
Mercer Link to more items from this source
Aug. 12, 2022

"Because all the bill's drug pricing reforms apply only to Medicare, however, the legislation is raising worries that it could the result in significant cost-shifting to commercial market plans, meaning higher drug prices and costs for the millions of Americans and their families who get their health coverage through employer-sponsored plans.... The bill also includes a provision that codifies IRS/Treasury rules that allow Health Savings Account (HSA)-qualifying high-deductible health plans to cover insulin on a pre-deductible basis."

Tags: HSAs  •  Medicare  •  Prescription Drug Costs

CRS Report: Health Savings Accounts (HSAs)
Congressional Research Service [CRS] Link to more items from this source
[Guidance Overview]
Aug. 9, 2022

"A health savings account (HSA) is a tax-advantaged account that individuals can use to save and pay for unreimbursed medical expenses (e.g., deductibles, co-payments, coinsurance, and services not covered by insurance). Although eligibility to contribute to an HSA is associated with enrollment in a high-deductible health plan (HDHP), an HSA is a trust/custodial account and is not health insurance." [R45277 Aug. 8, 2022]

Tags: HSAs

Latest ACA FAQs Reiterate: No Double Dipping for OTC Contraceptives
HealthEquity Link to more items from this source
Aug. 8, 2022

"In [FAQs Part 54], the Agencies repeat that health Flexible Spending Accounts (health FSAs), Health Reimbursement Arrangements (HRAs), and Health Savings Accounts (HSAs) may reimburse expenses incurred for OTC contraception without a prescription to the extent that the cost is not paid or reimbursed by another plan or coverage."

Tags: HRAs  •  HSAs  •  Health Plan Administration

Expanding Pre-Deductible Coverage for Certain Prescription Drugs Has Limited Impact on Premiums (PDF)
Employee Benefit Research Institute [EBRI] Link to more items from this source
Aug. 5, 2022

"The impact on premiums of expanding pre-deductible coverage to 116 drug classes related to chronic disease management medications in HSA-eligible health plans is relatively small (range 1.3–4.7 percent).... Premiums increased the least ... when employers imposed coinsurance instead of a deductible and when increased use of prescription drugs led to reduced use of other medical services."

Tags: HSAs  •  Health Plan Design  •  Prescription Drug Costs

Can HSAs Provide Tax-Free Reimbursement for the Same Expenses as Health FSAs?
Thomson Reuters / EBIA Link to more items from this source
July 21, 2022

"Like health FSAs, HSAs can provide tax-free reimbursement of out-of-pocket expenses for medical care as defined in Code Section 213(d). But HSAs also can reimburse certain expenses that health FSAs cannot.... HSAs cannot limit the types of expenses that are reimbursable on either a taxable or tax-free basis because they are individual trusts to which account holders must have unrestricted access, subject only to reasonable restrictions on the frequency or minimum amounts of distributions."

Tags: Cafeteria Plans  •  HSAs

Post-Dobbs Benefit Options and Considerations
Davis Wright Tremaine LLP Link to more items from this source
July 20, 2022

"Consideration should be given to whether there is a mental health parity violation if an arrangement reimburses for travel related to an abortion and other medical/surgical procedures but does not reimburse for travel related to mental health benefits.... If an employee is enrolled in a high deductible health plan, the employee cannot be reimbursed for the costs of an abortion and/or related travel until the deductible has been met.... [A] taxable reimbursement arrangement may provide the greatest flexibility and avoid compliance issues."

Tags: HSAs  •  Health Plan Design

May Abortions Be Reimbursed on a Tax-Free Basis from a Health FSA, an HRA, or an HSA?
Dickinson Wright Link to more items from this source
[Guidance Overview]
July 18, 2022

"[T]he following expenses may be reimbursed from an FSA, HRA, or HSA under current federal tax law: [1] The cost of the abortion procedure, if legal; [2] Transportation expenses, if out-of-state travel is required; and [3] Lodging (up to $50 per night), assuming that the care is received from a physician in a hospital or an equivalent facility. [Many issues] will depend on the interpretation of the IRS or the courts."

Tags: Cafeteria Plans  •  HRAs  •  HSAs  •  Health Plan Design

Impact on Premiums of Expanding Pre-Deductible Coverage to Chronic Disease Management Medications in HSA-Eligible Health Plans
Employee Benefit Research Institute [EBRI] Link to more items from this source
July 15, 2022

"The impact on premiums of expanding pre-deductible coverage to 116 drug classes related to chronic disease management medications in HSA-eligible health plans is relatively small (range 1.3-4.7 percent).... Premiums increased the least -- 1.3 percent -- when employers imposed coinsurance instead of a deductible and when increased use of prescription drugs led to reduced use of other medical services."

Tags: HSAs  •  Health Plan Costs

Editor's Pick Post-Dobbs Abortion-Related Travel Benefits: Surveying Employers' Options
Mintz Link to more items from this source
July 14, 2022

"This post examines other approaches available to employers seeking to make these benefits available. These include health reimbursement arrangements (HRAs), health flexible spending accounts (health FSAs), excepted benefit employee assistance plans (excepted benefit EAPs), and health savings accounts (HSAs)."

Tags: Cafeteria Plans  •  HSAs  •  Health Plan Design

HSAs Are a Smart Choice to Help Employees Optimize Benefits
Voya Link to more items from this source
July 12, 2022

"[1] HSAs are a great retirement savings opportunity ... [2] HSAs go beyond Health Flexible Spending Account (FSA) qualified expenses ... [3] Matching contributions drive HSA balances ... [4] HSAs cover medical costs now -- and later ... [5] HSAs can be paired with decision-support tools ... [6] Health FSAs complement HSAs ... [7] Employers can provide extra support through HSA plan design ... [8] It's easy to invest HSA balances ... [9] HSAs go hand in hand with voluntary benefits."

Tags: HSAs  •  Health Plan Design  •  Retirement Plan Design

HSAs No Longer Promote Consumer Cost-Consciousness
Health Affairs Link to more items from this source
[Opinion]
June 21, 2022

"[The authors] argue that HSAs no longer appreciably achieve this cost-consciousness aim because cost sharing has increased so much in non-HSA-qualified plans. Indeed, people who have HDHPs with HSAs are becoming less likely than others with private insurance to report financial barriers to care. In sum, promised gains in efficiency from HSAs have not borne out, so it is difficult to justify maintaining this regressive tax break."

Tags: HSAs

IRS Announces 2023 HSA, HDHP and EB-HRA Dollar Limits
Willis Towers Watson Link to more items from this source
[Guidance Overview]
May 10, 2022

"Employers should consider these amounts when planning for the 2023 plan year, as the changes will likely affect benefit plan administration and communication materials."

Tags: HRAs  •  HSAs  •  Health Plan Design

IRS Announces 2023 Limits for HSAs, HDHPs and Excepted Benefit HRAs
The Wagner Law Group Link to more items from this source
[Guidance Overview]
May 4, 2022

"Employers are advised to begin planning for updating payroll and plan administration systems to reflect the 2023 cost-of-living adjustments. In addition, employers should be sure to incorporate the 2023 limits into all relevant participant communications, such as open enrollment and communication materials, plan documents and summary plan descriptions."

Tags: HRAs  •  HSAs  •  Health Plan Design

IRS Announces 2023 HSA/HDHP and Excepted Benefit HRA Limits
Buck Link to more items from this source
[Guidance Overview]
May 3, 2022

"Plan sponsors with HDHP deductibles below the new minimums of $1,500 for self-only and $3,000 for family coverage will need to increase those deductibles in 2023. While the out-of-pocket maximums have increased for 2023, they are still well below the maximum limits allowed in 2023 under the ACA of $9,100 for self-only and $18,200 for family coverage."

Tags: HSAs  •  Health Plan Design

IRS Announces 2023 Limits for HSAs, HDHPs and Excepted Benefit HRAs
McDermott Will & Emery Link to more items from this source
[Guidance Overview]
May 2, 2022

"All of the dollar limits currently in effect for 2022 will change for 2023, with [one] exception ... The HSA catch-up contribution for individuals ages 55 and older will not change as it is not subject to cost-of-living adjustments. The table ]in this article] compares the applicable dollar limits for HSAs, HDHPs and excepted benefit HRAs for 2022 and 2023."

Tags: HRAs  •  HSAs

Text of IRS Rev. Proc. 2022-24: 2023 Inflation Adjusted Amounts for Health Savings Accounts (HSAs) and Excepted Benefit Reimbursement Arrangements (HRAs) (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Apr. 29, 2022

"For calendar year 2023, the annual limitation on deductions under Section 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,850. For calendar year 2023, the annual limitation on deductions under Section 223(b)(2)(B) for an individual with family coverage under a high deductible health plan is $7,750....

'For calendar year 2023, a 'high deductible health plan' is defined under Section 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,500 for self-only coverage or $3,000 for family coverage, and for which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $7,500 for self-only coverage or $15,000 for family coverage....

For plan years beginning in 2023, the maximum amount that may be made newly available for the plan year for an excepted benefit HRA under Section 54.9831-1(c)(3)(viii) is $1,950."

Tags: HRAs  •  HSAs  •  Health Plan Design

Editor's Pick Post-Deductible Specialty HRAs Preserve HSA Eligibility
Newfront Link to more items from this source
Apr. 21, 2022

"The most common strategy for preserving employees' HSA eligibility is to offer a post-deductible HRA option for HDHP participants. Under this approach, the HRA will not cover any expenses incurred prior to the employee satisfying the statutory minimum HDHP deductible."

Tags: HRAs  •  HSAs  •  Health Plan Design

How HSAs Can Help Employees Plus Attract and Retain Top Talent
Voya Link to more items from this source
Apr. 20, 2022

"While retirement accounts remain integral to an employee's overall financial picture, HSAs also represent a financial opportunity for employees and employers alike.... [1] Employees don't risk forfeiting unused HSA balances at year-end ... [2] Employees can change their contributions mid-year ... [3] HSA distributions can reimburse some insurance premiums ... [4] HSA balances can be invested ... [5] HSAs can pull double-duty as a great retirement account."

Tags: HSAs

Examining HSAs Through a DEI Lens
Employee Benefit Research Institute [EBRI] Link to more items from this source
Apr. 13, 2022

"EBRI's analysis finds stark differences in HSA behavior based on accountholder race, ethnicity, gender, and income.... Disparities in HSA account balances along racial, ethnic, gender, and income lines are not adequately explained by the length of HSA ownership. Instead, the disparities EBRI observes appear to be largely driven by contributions."

Tags: HSAs

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