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
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Emily Holbrook
Emily Holbrook serves as owner and head content creator at Red Label Writing LLC, a content studio that collaborates primarily with the insurance and financial services sectors. She can be reached at [email protected].
