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Thursday, April 18, 2013

HSAs and Obamacare

With the 2012 reelection of President Obama, the healthcare bill commonly referred to as “ObamaCare” became more of a reality with implementation at hand. Whether you are for or against ObamaCare, a common ground shared by all was the anticipation of the yet-to-be-released regulations by Health and Human Services and what impact that would have on industry and consumers alike. 

Within the HSA community, venturing whether the HSA-qualified health plan would pass the “formula” that included new mandates and regulations now under federal law was the subject of intense speculation. The ultimate question was: “Will health savings accounts survive?”
 
Late in 2012, Health and Human Services released to the public their actuarial value calculator that allowed one the ability to test health plans to see if it complied with ObamaCare’s new guidelines. As healthcare policy experts from across the country tested the HSA plans, they quickly discovered (much to their surprise) that HSAs do indeed qualify for the insurance exchanges in almost all variations. This included the self-insured, small group and individual markets. 
 
In addition, HSAs are predicted to be the lowest cost health plans for nearly everyone – individuals, small groups and large groups.   We found the article below to be one of the best-written pieces on explaining the HSA and how it fits into the exchange model, along with an explanation of the new “metal” insurance tiers.
 
 
 

 

In summary, the article states that HSA-qualified plans will be available in all four of the new “metal” tiers: Platinum, Gold, Silver & Bronze.
 
  • Platinum Plans: Pay 90% of covered benefits with an average individual paying the remaining 10% out of pocket. These plans are HSA-eligible.
 
  • Gold Plans: Pay 80% of covered benefits with an average individual paying the remaining 20% out of pocket. These plans are HSA-eligible.
 
  • Silver Plans: Pay 70% of covered benefits with an average individual paying the remaining 30% out of pocket. These plans are HSA-eligible.
 
  • Bronze Plans: Pay 60% of covered benefits with an average individual paying the remaining 40% out of pocket. These plans are HSA-eligible.
 
So if there’s one thing we can state with absolute certainty at this point, it’s that the HSA is not “in trouble” or “disappearing”. The time for worrying about their compatibility with the insurance plans within the exchange has passed, and we can all breathe a sigh of relief and chalk up a victory for the survival of the HSA and the consumer-driven healthcare philosophy.
 
Naturally, as more information on Obamacare and the exchanges becomes available we will be sure to post it to our blogs and keep our readers and accountholders informed. 
 

What do you think, did we miss anything? Do you have something to add? Let us know in the comment section below, or as always, please feel free to visit our website or contact our office with any questions. We look forward to hearing from you!


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Posted by HSA Admin at 4/18/2013 6:57:00 PM
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