If the Trump administration focuses on Health Savings Accounts as it has promised to do, the already very popular HSAs are about to get a lot hotter. This means more individuals will open HSAs and current HSA owners will contribute much more money. Maybe even more significant is how much more HSA owners will value their HSAs because of all the new HSA features and benefits. Get ready for what's next concerning HSAs.
Anticipated improvements to Health Savings Accounts include contribution limits, increasing the number of people eligible for HSAs, and expanding qualified medical expenses to include gym memberships, over-the-counter drugs, health insurance and more. Trump's appointment for Secretary of Health and Human Services, Tom Price, introduced legislation that provided for nineteen specific and significant improvements to HSAs. Other Republican leaders have also introduced favorable HSA legislation that may become law under a new administration. Attend the webinar to learn about the nineteen specific changes Tom Price supports as well as other HSA changes that are now likely to become law.
These changes will almost certainly have a dramatic impact on HSAs and your operation. Be prepared in 2017.
Here are the changes that we expect to see based on early drafts of HSA legislation.
- Doubling of HSA Contribution Limits
- Tied to IRA limit ($5,500 self-only and $11,000 family)
- Or tied to HDHP Limits ($6,550 self-only and $13,100 family)
- Expanding HSA Qualified Medical Expenses
- Over-the-counter drugs
- Gym memberships
- Health insurance
- Concierge medicine
- Certain provider fees and direct primary care services
- Revise the "establishment date" rules
- Increasing HSA Eligibility
- Medicare no longer disqualifying
- TRICARE no longer disqualifying
- Indian health services no longer disqualifying
- Health care ministries no longer disqualifying
- Improving General HSA Rules
- Allow spouses to combine catch-up contributions
- HSAs get bankruptcy protection
- Allow easier correction of administrative errors
- $1,000 one-time tax credit to fund HSA
- Enhancing HSA Transfer/Rollover Rules
- Allow FSA and HRA rollovers to HSAs
- Allow child or parent beneficiary rollover
- Allow Required Minimum Distribution rollovers
- Simplifying Health Law for HSAs
- Repeal the Cadillac Tax
- Repeal MLR and Actuarial Value rules
- Change "HDHP" to "HSA Qualified Plans"
Get ahead of this change and learn the details before your customers ask.
Who Should Attend:
Health Savings Account Administrators, IRA Administrators, Customer Service Representatives, Trust Officers, Personal Investment Advisers, Legal Counsel, Small Business Managers, Employee Benefit/Payroll Managers, Branch Managers, Personal Bankers, Branch Administration, and financial institution personnel deciding whether to enter the HSA market.
Trump's Impact on HSAs
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