HSAs Take Center Stage - Armed With New IRS and DOL Guidance, Employers Evaluate Account-Based Options.

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HSAs Take Center Stage - Armed With New IRS and DOL Guidance, Employers Evaluate Account-Based Options.

By Timothy J. Stanton and Sarah B. Millar

Health Saving Account

HSAs are tax-advantaged U.S. trust accounts that work in conjunction with high-deductible health plans by covering current or future medical expenses below the deductible amount. They closely resemble Archer Medical Savings Accounts (MSAs), which have been available for several years only to self-employed people or those working for small employers (with 50 or fewer employees). HSAs can be set up by either an employer, an employee, or a combination. They are funded accounts where the amounts are owned by the employee and are not subject to vesting requirements or "use it or lose it" or similar rules. (For a table comparing HSAs and other accounts, see below.)

GCD Note: By enabling em...

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