For many US employers, the annual window during which employees may change their choice of employer-sponsored health benefits -- open enrollment -- is quickly approaching.
With this in mind, plan sponsors should take note of 4 key issues:
1. The growing popularity of Health Savings Accounts (HSAs) with both employees and employers
Available to participants in conjunction with high-deductible health plans, HSAs are tax-exempt accounts for the specific purpose of funding qualified medical expenses.
Since HSAs were established in 2003, their popularity in connection with employer-sponsored plans has grown rapidly. In large part, this is due to the current trend of escalating medical costs –- current estimates of retiree medical expenses suggest at least $275,000 for a couple retiring at 65 –- a trend that does not show signs of changing course.
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