« Health Savings Accounts Remain Popular After Health Care Reform | Main | Are Health Savings Accounts Affected By Health Care Reform? »
September 16, 2011
Are Health Savings Accounts Threatened By The Affordable Care Act?
Making consumers take a look at their health care expenditures is one way to curtail health care costs, and Health Savings Account (HSA)Plans can help.
Health Savings Accounts allow consumers to use a tax-advantaged account to pay for qualified medical expenses. A 2011 report by the trade association America’s Health Insurance Plans shows growing enthusiasm for Health Savings Accounts. But how has the Affordable Care Act impacted Health Savings Accounts?
One change to HSA Plans by the Affordable Care Act is that over-the-counter drugs like Advil can no longer be purchased with HSA funds without a prescription. This can be a big problem for people who need these low-cost options for long-term pain management.
An even bigger change in HSA Plans is that the high-deductible health plans that work with them must cover preventive care before the deductible has been met. That's only true for plans purchased after the Affordable Care Act became law, though. If you want to learn more about what HSA Plans offer now, our site offers news and educational resources about you Health Savings Account options.
Posted by Wiley Long at September 16, 2011 08:47 AM