Health Savings Accounts (HSAs), in combination with a qualified high-deductible health plan (HDHP), are usually touted as a way to lower insurance premiums and pay for out-of-pocket medical expenses with tax-free dollars.
The Health Savings Account (HSA) market has grown rapidly in the past decade. More than 21 million people currently have an HSA and there’s still plenty of opportunity for growth. In fact, a recent report projects 30 million HSAs by the end of 2019.
While we continue to hear about the rapid growth of Health Savings Accounts (HSAs), there is one feature about Health Flexible Spending Accounts (Health FSAs) that keeps some employees enrolled in this type of consumer-driven account (CDA). That’ s the uniform coverage requirement of Health FSAs.