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Check Your Compliance with HSA and HDHP Requirements

08/22/18

  04:24:00 pm, by MedBen5   , 190 words,  
Categories: IRS, Compliance, Health savings accounts (HSAs), High-deductible health plans (HDHPs)

Check Your Compliance with HSA and HDHP Requirements

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Health savings accounts (HSAs) are becoming more and more popular as a vehicle to empower health savings and lower premium costs, but the related regulations – particularly those pertaining to the associated high deductible health plan (HDHP) – can be confusing.

The Internal Revenue Service (IRS) applies detailed rules on the set-up and administration of HSAs. In order for the account holder to benefit from tax advantages associated with such an account, the individual must also be covered under a qualifying HDHP.

To ensure that your HSA is in compliance, we recommend that you review it against our newly revised educational summary, High Deductible Health Plan (HDHP) used with Health Savings Accounts (HSAs), which can be found at MedBen.com. This updated summary includes information on telemedicine programs and HSAs and the 2019 IRS approved limits for qualifying high deductible health plan and HSA contributions.

As always, the MedBen Compliance Department is here to help you with the design of your HDHP. Additionally, the IRS has information regarding HSAs available on its website at www.irs.gov. If you have any questions, please contact Director of Compliance and Medical Management Erin Kelly at ekelly@medben.com or (800) 423-3151, ext. 368.

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