HSA

Top 5 Misconceptions About HSAs and FSAs—And What to Say to Correct Them

Top 5 Misconceptions About HSAs and FSAs—And What to Say to Correct Them

In conducting research for our recent consumer paying for healthcare report—and preparing materials for the first annual HSA Awareness Day—our suspicions were confirmed: Many Americans struggle to make sense of health insurance industry jargon, which has led to many misconceptions about health spending accounts (HSAs) and flexible spending accounts (FSAs) in particular.

When talking to consumers, we found these to be the five most common and stubborn misconceptions consumers hold about their healthcare benefits:

New IRS Guidance Expands List of HSA-Eligible Medicines and Services for Preventative Care of Chronic Diseases

New IRS Guidance Expands List of HSA-Eligible Medicines and Services for Preventative Care of Chronic Diseases

Some good news out of D.C. this week: Yesterday, the Treasury Department and the IRS continued their efforts to increase the use and flexibility of HSAs and high-deductible health plans (HDHPs), issuing a notice that expands the list of HSA-eligible medicines and services deemed as preventative care for those with chronic illnesses.

This builds on the executive order (EO) that President Trump issued last month on medical price transparency. That EO came on the heels of a ruling by the U.S. departments of Health and Human Services, Labor, and Treasury…