HSA Administrators, Clarity Benefit Solutions, Shares Guidelines for Maintaining HSA Eligibility
NEW YORK, Nov. 27, 2019 /PRNewswire/ -- HSA administrators, Clarity Benefit Solutions, shares guidelines for maintaining HSA eligibility.
Savvy employers realize that once they have established Health Savings Accounts (HSAs) for their employees, it is vital to make sure that employees maintain a sense of eligibility for these plans. The following are some guidelines to ensure compliance is maintained.
First, employers must take measures to ensure that all HSA in-network plans meet the minimum threshold requirements. In 2019, these numbers are $1,350 single and $2,700 for family. Employers may ponder raising the deductibles a bit above the threshold to help make the process a seamless one. This will also allow them to avoid spending time and resources amending the plan and having to spend time communicating changes to employees.
Next, employers should ensure that any out-of-pocket maximums do not exceed the conventional maximum thresholds. This year, the established rates are $6,750 for single and $13,500 for family. These HDHP limits are not as high as the Affordable Care Act 2019 limits. Those established rates are $7,900 for single and $15,800 for family.
It is also important to ensure that employees' family members meet the HDHP statutory minimum family deductible. In some cases, an employee's family plan may contain an entrenched individual deductible, which has been mandated $2,700 for the year 2019.
In the same vein, all preventive procedures and services should be subject to the deductible. The federal government establishes that all preventive services/procedures are covered by the deductible. Since these laws are constantly evolving it is vital that employers meet with their benefits administrator, attorney, and/or tax advisor to determine the next course of action.
Finally, employers need to ensure that supplemental HSA products are HSA eligible. Certain supplemental medical products (such as hospital indemnity or critical illness) fall under the category of "other" medical coverage and if employees sign up for them, they may be disqualified from HSA eligibility. As a result, employers should carefully review the plan design to see if any benefits vary by underlying medical procedure.
About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
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SOURCE Clarity Benefit Solutions
