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week ending August 21st, 2020
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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! |
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Editor's Choice |
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Benefits
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Rethinking HSAs
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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. 
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Compliance
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IRS OKs HDHP Coverage of Coronavirus Testing
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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.
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Compliance
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Additional Preventive Care Benefits Permitted for HDHPs
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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.
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Benefits
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Tying HSAs to Retirement Savings
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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.
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