The Treasury Department and the Internal Revenue Service today released Notice 2008-59, which provides employers and employees with a new set of formal questions and answers on Health Savings Accounts (HSAs).

Notice 2008-59 contains over 40 new frequently asked questions and answers that cover a wide range of topics, including:

* Who is an Eligible Individual;

* Issues related to High Deductible Health Plans;

* Contributions to HSAs;

* Distributions from HSAs; and

* Establishing an HSA.

Treasury says that since HSAs were created as part of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Treasury and the IRS have issued a large number of formal guidance items containing questions and answers on HSAs.

A pdf of Notice 2008-59 is available here.