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week ending August 21st, 2020
A recent survey found that the majority of employees said they use their health savings accounts (HSAs) as spending vehicles. Being tied to a high-deductible health plan (HDHP), and with health care costs high anyway, the out of pocket expenses can be a burden. During the COVID-19 crisis, the IRS realized the need to allow for HDHPs to cover certain expenses without losing their HSA-eligible status. And efforts are ongoing to expand the services for which HDHPs are allowed to cover. When educating employees about HSAs, employers should understand employees’ needs. Still, there is an opportunity for some employees to save in their HSAs for health care costs in retirement. Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
Rethinking HSAs
With the high cost of health care, employees are using HSAs as spending, not savings, vehicles, and if more people had access to them, it might help with America’s health care crisis.
IRS OKs HDHP Coverage of Coronavirus Testing
High-deductible health plans (HDHPs) will not lose their special status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met.
Additional Preventive Care Benefits Permitted for HDHPs
The IRS has issued guidance allowing high-deductible health plans (HDHPs) with health savings accounts (HSAs) to cover specified medications and services used to treat chronic diseases prior to meeting the plan deductible.
Following Up on HSAs After Open Enrollment
Educating employees about health savings accounts can help them maximize their benefit.
Tying HSAs to Retirement Savings
Kelley Long, certified financial planner with Financial Finesse, shared information to help employers promote health savings accounts (HSAs) as a retirement savings tool for employees.
Popular Reads
2020 PLANSPONSOR National Conference
Are Employer-Sponsored DC Plans the Best Retirement Savings Vehicles?
The coronavirus pandemic and other factors have called into question the value of DC plans, but experts say they’re still good savings vehicles.
2020 Plan Sponsor of the Year
PLANSPONSOR is pleased to announce the 2020 Plan Sponsor of the Year winners.
$10M Settlement Reached in NRECA ERISA Litigation
Beyond the cash reimbursement to the plan, the settlement requires regular fee studies and a recordkeeping RFP process at least once every six years. 
The Future for ESG Investing in Retirement Plans
The DOL says ESG integration cannot propel financial advancement. Experts say the department is wrong; plan sponsors just need education on implementation.
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