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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
2021 Best in Class DC Providers
This year’s Best in Class providers represent an evolving set of best practices.
2021 Recordkeeping Survey
Participants Will Need Support to Understand Lifetime Income Projections
Recordkeepers are bolstering education, projection modeling tools and tailored advice capabilities to support plan participants and encourage them to remain on track for retirement income planning.
Northwestern University Lawsuit Dismissal Reversed by Supreme Court
The new ruling states that Tibble v. Edison’s discussion of the continuing duty to monitor plan investments applies in the Hughes v. Northwestern University case.
Data and Research
Plan Sponsors Expected to Bring Changes Benefiting Workers
A higher salary might not be as effective to attract recruits as providing generous benefits, such as larger employer matching contributions in retirement plans, Hub suggests.
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