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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
Benefits
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.
Compliance
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.
Compliance
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.
Benefits
Following Up on HSAs After Open Enrollment
Educating employees about health savings accounts can help them maximize their benefit.
Benefits
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
Research
2021 Recordkeeping Survey
Benefits
Giving Employees the Financial Wellness Help They Want
Offering an array of benefits—addressing both physical and financial wellness—and implementing personalized experiences will set employees up with what they need.
Compliance
DOL Clears Up Timing for Lifetime Income Illustrations
The agency promised to issue a final rule ‘as soon as practicable’ and recognized transition time may be needed if the final rule significantly differs from its interim final rule.
2020 Recordkeeping Survey
Compliance
Medical System’s Retirement Plans Target of Excessive Fee Lawsuit
The suit claims the use of an asset allocation solution for the medical system’s 401(a) and 403(b) plans funneled participant contributions into expensive investments.
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