Health Savings Accounts (H.S.A.s) have been a central part of healthcare reform plans under both the Bush and Obama administrations, touted as a way for consumers to save on medical costs. But how will they be affected by the healthcare reform bill passed in March? And how can life science companies capitalize upon their use? A special session on H.S.A.s will be presented at the 2010 OneMedForum in New York. “Consumerism In Healthcare: Health Savings Accounts” will be held June 29, 2010 from 3-5 p.m.
Does the Health Reform Help or Hurt H.S.A.s?
After seven years, $8.6 billion has been deposited into Health Savings Accounts. Did the Health Reform Horse trading on Capitol Hill help or hurt Health Savings Accounts? Before this most recent bill was passed, most experts agreed that the amount of H.S.A. deposits would easily top $10 billion – which is still modest particularly when compared to such other federal tax driven deposit programs as 401k’s ($2.4 trillion) – either this year or next. What now?
Could Congress Impose “use it or lose it” requirement on H.S.A. accounts?
Funds deposited into health savings accounts work slightly different from flexible spending accounts (also associated with health insurance plans) because HSA funds can be carried over from year to year, year after year. That, in addition to the tax advantaged feature, has driven H.S.A. growth. Health reform legislation is already teed up for changes in 2011 and among the topics for discussion is the “use it or lose it” feature in H.S.A. accounts. Can it survive next year’s legislative battles?
Health Care Reform’s New Depositors
Approximately 30 million new health insurance accounts will be created as a result of Health Care Reform including roughly 10 million 18-26 year olds who will now be included in their parent’s existing policies. Experts estimate that this alone will bring 1 million new H.S.A. accounts online. What opportunities will this create for existing innovative companies and for existing institutions?
For more information on this and other workshops to be held at the 2010 OneMedForum, to take place June 29-30 at New York City’s Roosevelt Hotel, please visit http://www.onemedplace.com/forum/workshops.