United Benefit Advisors Insight and Analysis Blog

What do you think of when you hear the words “health savings account or HSA” as part of an employee benefits package? If you’re like most people, you mistakenly lump it in with the flexible spending accounts (or FSAs) offered by employers. But while FSAs have annual “use it or lose it” strictures and don’t carry over to the next year, HSAs offer tax benefits and long-term, flexible utility that can pack a powerful one-two punch. This combination can help pay for out-of-pocket health care expenses, and grow an individual’s retirement nest egg.

Topics: health insurance, health care, health savings account, HSA

Q.For a high deductible health plan (HDHP) to qualify for health savings account (HSA) eligibility, what is the minimum amount that an embedded individual deductible can be?

Topics: HDHPs, health savings account, HSA, High Deductible Health Plans

According to recent estimates by Fidelity Investments, a couple will incur an estimated $280,000 worth of medical expenses after turning 65 years of age. They estimate this cost every year and when they publish it, I can’t help but have an anxiety spike as I ponder the reality of that number. Even if they are off and have over-estimated by 50%, the remaining number is still very hard for me to swallow. And, as anxiety has habit of doing, it sends me into panic mode and I scramble to reevaluate my retirement planning in an attempt to ward off the eventual doom and gloom that has settled on the far horizon of my life.

Topics: retirement savings, health savings account, HSA

We’ve just released the latest findings from the UBA Health Plan Survey related to how health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are being used among employers. (Spoiler alert: California employers lead the way with the most generous account-based plans.)

Topics: health savings account, health reimbursement arrangements, HRA, HSA, UBA Health Plan Survey

Health reimbursement arrangements (HRAs), health savings accounts (HSAs) and health care flexible spending accounts (HFSAs) are generally referred to as account-based plans. That is because each participant has their own account, at least for bookkeeping purposes. Under the tax rules, amounts may be contributed to these accounts (with certain restrictions) and used for health care on a tax-favored basis.

Topics: health plan benchmarking, PPACA Affordable Care Act, health savings account, health reimbursement arrangements, HRA, HSA, UBA 2014 Health Plan Survey, health care flexible spending account, health plan cost trends, HFSA

Employer health savings account (HSA) funding strategies have changed in recent years in response to the Patient Protection and Affordable Care Act (PPACA) and its impact on employer-sponsored health insurance plans. Employers are contributing less, on average, to HSAs and the increase in popularity of cost-saving consumer-driven health plans (CDHPs) has also had a major impact on how employers use these accounts.

In 2014, employees saw a 10 percent decrease in their average single HSA employer contribution from the previous year, from $574 in 2013 to $515 in 2014, according to new data released from the 2014 UBA Health Plan Survey, the largest health benefits survey in the nation. Average family contributions also decreased 7 percent during the same period, from $958 to $890.

Topics: health plan benchmarking, CDHPs, PPACA Affordable Care Act, health savings account, HSA, consumer-driven health plan, 2014 Health Plan Survey, HSA funding

By Dave Woodruff
The A.I. Group, Inc.

Most of us have heard of “concierge medicine” and it’s gaining popularity, especially among executives.  As more people enroll, more questions are popping up that we haven’t heard before.  One of the most frequent questions we’ve heard is, “Can I fund the cost of the concierge with my health savings account (HSA) or flexible spending account (FSA)?”

The answer is an absolute “maybe!”

Topics: health care costs, health insurance, UBA Partner Firm, employee benefits, health care, FSA, concierge medicine, flexible spending account, health savings account, HSA