Health Savings Accounts#298624

Course Description

This course was updated on 12/15/2023.

Study after study indicates health and health care costs as a top concern among adults. At the same time the cost of current and projected health care expenses continue to grow at a pace far exceeding overall inflation. Meanwhile employers are in the midst of transitioning their health insurance benefits to specifically defined, qualified-High Deductible Health Plans (“HDHP’s”). For their part health care enrollees (participants) are often confused about what an HDHP is and what the offerings entail, as many plans feature similar economics (high deductibles, in particular) while not qualifying as HDHPs due to other plan elements. At the highest level, HDHPs feature lower annual premiums in exchange for larger deductibles, essentially adjusting an enrollee’s position along the risk/cost continuum. However, to complement HDHPs the federal government encourages participants to open Health Savings Accounts (“HSAs”) that create meaningful tax and retirement planning opportunities while saving for out-of-pocket health care expenses. Advisors and consultants can add value to their practice through a discussion of health financial planning with their clients, helping them navigate this industry shift and tax-efficiently save for short and long-term health expenses.

This course will examine the health insurance programs, HSA attributes and savings opportunities for taxpayers. It will consider:
• High Deductible Health Plans;
• Health Savings Accounts;
• Qualified Medical Expenses;
• Comparison with other retirement savings programs.