Health Savings Accounts (HSAs)
Health savings accounts (HSAs) are a popular type of tax-advantaged savings account that can be
used to pay for out-of-pocket medical expenses. Individuals must meet certain eligibility criteria
to contribute to an HSA (or have contributions made on their behalf), including a requirement that
they be covered by a high deductible health plan (HDHP).
Although individuals are primarily responsible for managing their own HSAs, employers that sponsor HDHPs often have questions on HSA topics. The resource below provides answers to frequently asked questions about HSAs, including: eligibility, high deductible health plans, contributions, and using HSA funds.
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Individual-Coverage Health Reimbursement Accounts (ICHRAs)
Since their introduction in 2020, individual-coverage health reimbursement accounts (ICHRAs) have been drawing increased attention from employers. Rising health care costs have made ICHRAs appealing to both small and large employers who are looking for an affordable and flexible health benefits option for employees. Rather than choose from a pre-determined selection of health plans, ICHRAs provide employees with the opportunity to pick a health insurance plan that meets their individual needs that they can keep even if they leave their jobs.
But ICHRAs also come with a list of specific rules that employers must follow — a list that can be overwhelming for an employer considering whether ICHRAs fit for their organization. In the resource below, BenefitsPro provides 10 common questions and answers employers might have about ICHRAs.
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