Health savings accounts (HSAs) have grown in popularity since they were established in federal law in December 2003 when President George W. Bush signed the Medicare Prescription Drug, Improvement, and Modernization Act. A recent Devenir Research market report showed that while the total number of HSAs has grown steadily since 2011, the growth slowed in 2020 due to the global pandemic. Even with COVID-19, the reported found that HSA assets increased to $87.3 billion in 2020. The Bureau of Labor Statistics states that HSAs are offered by almost half (47%) of businesses with 500 or more employees. While they remain a treasured benefit to many employees, the rules surrounding use, taxes, eligibility and rollovers can be complex. Move through the slideshow above to learn 10 important questions related to HSAs and their corresponding answers, according to ALM Media's Tax Facts Online. READ MORE: |
- The importance of HSAs in saving for future health care needs can't be underestimated
- An uneven year for HSA spending: Doctor visits down, prescription costs up
- HSAs and the employer's role in the development of an equitable plan environment
___________________ |
- Learn more with Tax Facts, the go-to resource that answers critical tax questions with the latest tax developments. Online subscribers get access to exclusive e-newsletters.
- Discover more resources on finance and taxes on the NU Resource Center.
- Follow Tax Facts on LinkedIn and join the conversation on financial planning and targeted tax topics.
- Get 10% off any Tax Facts product just for being a BenefitsPRO reader! Complete the free trial form or call 859-692-2205 to learn more or get started today.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.