HSA Headlines - The expanding scope of HSA eligibility

When people discuss health savings accounts (HSAs) most of the discussion centers on long-term savings, retirement and that amazing triple tax benefit. But every now and then, it's good to remind ourselves about the "health" portion of health savings accounts.

And when we hear how real people see real benefits from their benefits, it serves as a good reminder that there's more to health savings than just preparing for retirement.

So, since we're on the verge of open enrollment season, let's take a look at an article that reminds people of just that.

Family Finances: Benefits of HSAs for those with chronic illnesses - Kaitlyn Pitsker, Kiplinger's

We've spent some time discussing how HSA expansion could open the doors for a lot of people to consider enrolling in HDHPs when the time comes to elect benefits. Especially if those people have chronic illnesses.

This is because a big part of HSA expansion is the 14 new treatments and services that might qualify as "preventive care" under an HDHP, potentially eliminating the out-of-pocket costs that previously turned these patients away from high-deductible accounts. Now, people with diabetes, chronic heart disease or other ailments can get their basic medical needs covered as "preventive" keeping these costs at bay -- sometimes even for no cost at all.

And if you consider the high costs of insulin, blood testing supplies, statin drugs, and even SSRI medicines like Prozac, this is a huge revelation that could swing the pendulum back toward HDHP enrollment this season.

And these are just 2-3 case examples. The growing list of potential chronic conditions is almost certain to be more inclusive year over year.

The article goes on to discuss how the HSA's unique triple tax benefit and other cost-saving measures could combine with these new preventive care inclusions to make HDHPs a fantastic source of comprehensive health coverage, even if you're not as generally healthy as those who usually enroll in these accounts.


HSA Headlines is a weekly roundup of the latest, most relevant news and conversations about your health savings. It appears every Friday, exclusively on the HSA Learning Center. And for more about your physical and financial well-being, be sure to follow us on Facebook and Twitter.

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