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June 04, 2021 at 01:47 PM
Health savings accounts (HSAs) have grown in popularity since they were established in federal law in December 2003 when President George W. Bush signed the Medicare Prescription Drug, Improvement, and Modernization Act.
A recent Devenir Research market report showed that while the total number of HSAs has grown steadily since 2011, the growth slowed in 2020 due to the global pandemic. Even with COVID-19, the reported found that HSA assets increased to $87.3 billion in 2020.
The Bureau of Labor Statistics states that HSAs are offered by almost half (47%) of businesses with 500 or more employees. While they remain a treasured benefit to many employees, the rules surrounding use, taxes, eligibility and rollovers can be complex. Move through the slideshow above to learn 10 important questions related to HSAs and their corresponding answers, according to ALM Media’s Tax Facts Online.
— Related on ThinkAdvisor:
- IRS Updates HSA Contribution Limits for 2022
- Here’s How Much a Couple Retiring in 2021 Will Need for Medical Costs: Fidelity
- HSA Holders Spent Less on Doctors, More on Drugs Amid Pandemic: Study
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