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.
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:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 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.
