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June 28, 2011
Will Health Savings Account Plans Still Be Here In 2014?
According to America's Health Insurance Plans, enrollment in Health Savings Account (HSA) plans have increased by 14 percent this year. The numbers show that approximately 11.4 million people are using an HSA plan. People are combining their high-deductible health plan with an HSA to reduce their premiums by as much as 40 percent.
Is the Affordable Care Act, with more changes to come in 2014, going to change HSA plans? There were a couple of small changes that have already gone into effect, but no major changes are expected.
Under the Affordable Care Act, you now need a prescription from your doctor to be able to buy over-the-counter (OTC) medication using your HSA. The penalty for using HSA funds for expenses not allowed by law has increased, too. However, the HSA Alliance is working to ensure that Health Savings Accounts will still be a option for many years to come.
You can find out about all of the benefits of HSA plans, and get advance notice if any changes are coming right here on our website. We'll also send you more suggestions on how you can maximize your HSA savings each month if you decide to save with low premiums, lower taxes and tax-free savings.
Posted by Wiley Long at June 28, 2011 08:20 AM