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April 28, 2010

Health-care overhaul hits HSAs hard

There are few, if any, health insurance products that won't be affected by the recent health-care legislation. At Sound Mind Investing, we are on Health Saving Accounts (HSA) and were recently notified of some changes coming as early as next year:

Qualified Medical Expenses: Starting January 1, 2011 you will no longer be able to pay for over-the-counter medications from your HSA as a qualified medical expense. Until the end of this year, you can reimburse yourself or pay from your HSA the money used to buy over-the counter medications. The new law removes over-the-counter drugs not prescribed by a physician from being paid from an HSA, FSA, or HRA on a tax-free basis.

Non-qualified expense penalty: Under the new law, if you use your HSA funds for nonqualified expenses, you will face a higher penalty. The tax penalty for non-qualified HSA distributions will increase, effective January 1, 2011, from 10% to 20%.

And that's just the beginning. Coming in 2014 will be mandated minimum coverage, preventive-care service changes, and small-employer benefit requirements — all of which will likely bring changes to HSAs, if not altogether eliminate some of the HSA products being sold.

Even more changes are scheduled for 2018.

For details, see Healthcare Reform and HSAs (PDF) from HSA Bank.

Posted by Matthew at 2:25 PM | Comments (0) | TrackBack
Category(s): Health Care
Tag(s): health care, HSA, insurance

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April 28, 2010

Health-care overhaul hits HSAs hard

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