« Health Savings Accounts Secret To Medical Savings | Main | Health Savings Accounts Favored By Employers And Employees »
February 13, 2012
Will Health Savings Accounts Be Affected By The Affordable Care Act?
Over the last year, the Affordable Care Act has dominated the headlines. Health care reform has included some changes to Health Savings Accounts and the health plans that work with them.
If purchased after Sept. 22, 2010, high-deductible health plans that are required to start a Health Savings Account (HSA) cover preventive health care before the deductible is met. They won't impose co-pay or co-insurance charges, either.
Consumers can no longer use their Health Savings Account funds to pay for over-the-counter medication unless they can get a prescription from their doctor. In addition, the penalty for using a HSA for non-qualified expenses has increased from 10 to 20 percent of the amount spent.
With these changes, many see HSA plans as a tool to encourage us to take a greater interest in managing the cost of our health care. HSA plans provide a high-deductible, low-premium option along with savings that are not taxed while in the account. They also offer significant tax deductions.
If you decide to learn more about Health Savings Accounts, we've put together information about how you can spend your HSA funds, how simple it is to lower your taxable income with them and much more.
Posted by Wiley Long at February 13, 2012 08:39 AM