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September 13, 2011
Health Savings Accounts Remain Popular After Health Care Reform
Even after health care reform, Health Savings Accounts are increasing in popularity among small firms and families who need coverage in the individual plan market.
According to a recently released report from the trade association America’s Health Insurance Plans, the number of people with HSA Plans has nearly doubled in the past three years. This year, about 11.4 million U.S. residents can use the tax advantages of a Health Savings Account or an HSA.
Despite this popularity, the future of HSA Plans cannot be assumed. So far, the only change to HSA Plans has been that over-the-counter medicines can no longer be purchased with HSA funds, and the penalty for using HSA funds for something other than qualified health care has been doubled to 20 percent.
You can stay informed about all the changes that affect HSA Plans with the Health Savings Account news links on our website. We'll be tracking these changes, too.
Posted by Wiley Long at September 13, 2011 10:55 AM